Construction work on the Yoma Central project in downtown Yangon, which was temporarily suspended, is being arranged for a phased resumption, according to an announcement by FMI (First Myanmar Investment).

FMI and Yoma Strategic signed the agreement on October 3. Under the agreement, other shareholders in the project will transfer their respective shares to FMI and Yoma Strategic in proportion to their existing holdings at nominal value, according to the announcement.

“This agreement marks an important milestone that paves the way for the Yoma Central project to move forward. Together with our long-standing partner, Yoma Strategic, we look forward to restarting construction of the project in phases. The increase in our ownership stake in the project reflects our confidence in Yoma Central and Yoma Group’s commitment to long-term investment and operations in Myanmar. We would like to thank our partners and financiers who have supported us over the years and worked alongside us to achieve this outcome,” said U Tun Tun, CEO and Executive Director of FMI.

Under the agreement, FMI will increase its ownership stake in the project from 12 percent to 20 percent, while its long-term partner, Yoma Strategic Holdings Ltd. (“Yoma Strategic”), will own the remaining 80 percent.

FMI and Yoma Strategic will also acquire the project’s existing commercial loans at a discounted price below the outstanding amount, including interest, according to the announcement.

The two companies will acquire a combined 40 percent stake currently held by the existing partner companies in Meeyahta Development Limited, the company developing the Yoma Central project, for a nominal amount.

The transaction also includes shareholder loans totaling approximately US$106 million as of March 31, 2026. As part of the agreement, FMI and Yoma Strategic will acquire the project’s commercial loans at a discounted price. Although the loans amounted to approximately US$61.7 million as of March 31, 2026, they will be acquired for US$55 million, FMI said.

Yoma Central is a mixed-use development project in downtown Yangon on Bogyoke Aung San Road, located on the former site of the railway headquarters. The project includes residential buildings, retail units, a hotel and apartments.

Construction of the project was temporarily suspended in mid-2021 due to uncertain economic conditions, according to FMI.