YSIL to buy FMI shares in Wave Money for $6m

YSIL to buy FMI shares in Wave Money for $6m
Published 14 November 2019
Phyo Wai

 

Wave Money (Digital Money Myanmar Company Limited) has been valued at US$59.92 million, and shares of First Myanmar Investment Company (FMI) will be sold for US$6 million to Yoma Strategic Investment Ltd (YSIL), according to an initial agreement. 

YSIL is fully owned by Yoma Strategic Holding Ltd. Under the initial agreement, it is also agreed that those shares from Wave Money can be sold for a maximum of US$10 million if a certain organization is to buy within 12 months after this agreement. The final contract is agreed to be signed in 12 months. 

When the purchase comes after the terms of the agreement, FMI will not be a shareholder of Wave Money. However, Yoma Bank under FMI will still own five percent share in Wave Money. 

The Central Bank of Myanmar granted a business license to Wave Money in 2016. In Wave Money YOMA Group of Companies owns 34 percent, Yoma Bank 5 percent, FMI 10 percent and Telenor 51 percent. 

Currently, FMI has agreed to sell its shares to YSIL for US$6 million. Wave Money that got licensed in September 2016 reached break-even in September 2018. There are over 52,000 Wave Money shops across Myanmar. It covers over 90 percent digital money service across the country.