Yoma Strategic
Holdings Ltd halted trading on Monday follow by an announcement by the company
of their plan to develop a landmark project in Yangon.
Chief
Executive Officer of Yoma, Mr Andre Rickards said,"We believe the
converted Railway Headquarters will become a unique landmark which will signify
the transformation of Yangon into an international, cosmopolitan capital. The
provision of first-class hotel rooms, offices, apartments and retail is badly
needed in the capital to cope with the dramatic increase of interest in the
country."
In the deal, Yoma will purchase an 80 percent interest in the 10-acre site for US$81.28 million.
The company says it will seek shareholders approval at an extraordinary general meeting expected to be in the first quarter next year.
To fund its acquisition, Yoma will also undertake a 1 for 4 rights issue of up to 241 million new shares.
- CNA/ch
In the deal, Yoma will purchase an 80 percent interest in the 10-acre site for US$81.28 million.
The company says it will seek shareholders approval at an extraordinary general meeting expected to be in the first quarter next year.
To fund its acquisition, Yoma will also undertake a 1 for 4 rights issue of up to 241 million new shares.
- CNA/ch
Looking at the Yoma chart, we
already see that this stock is in an strong uptrend when it started to rise from
$0.40 to $0.56, currently consolidating in a box with the mid term support at
$0.51 and resistance at $0.575, prior to the trading halt, Yoma close at $0.56
. Despite the market sell down, this stock is still standing above the 10ma and
50ma which also telling us that it is stronger than the market. The
consolidation has also caused a Bollinger squeeze to be formed in the chart
hence if the price breakout above the $0.575 resistance or $0.51, we are likely
to see a sharp rise in volatility. However due to current price above the mid
term and short term moving average, this stock is still upside bias.
