Photo: Wave Money s Facebook
May 4, 2021
The proposed investment in Myanmar-based fintech firm Wave Money by Chinese financial services giant Ant Group is far from materialising due to the political situation in the country.
SGX-listed Yoma Strategic Holdings (YSH), one of the joint venture partners in Wave Money, said on Monday that the long stop date for the Ant Group deal has not been extended from April 30, 2021. A long stop date is the date within which the transaction has to be completed.
Since the proposed investment announcement in May 2020, the long stop date has been extended three times, according to YSH’s earlier announcements.
Myanmar faces wider business fallout after Kirin retreat
Faris Mokhtar, Philip J. Heijmans and Chanyaporn Chanjaroen, Bloomberg
Feb. 10, 2021
FacebookTwitterEmail
A demonstrator holds up a National League for Democracy (NLD) flag during a protest outside the Embassy of Myanmar in Bangkok, Thailand, on Feb. 1 2021.Bloomberg photo by Andre Malerba.
Myanmar s political upheaval is prompting global companies from Japan to Thailand to dial back operations in the country, spurring concern about a widening business fallout.
From beer maker Kirin Holdings Co. to an early backer of gaming firm Razer Inc., companies and investors are weighing the impact of a military coup that s thrust the once- thriving nation into a state of emergency. The turmoil is prompting multinationals like Thailand s biggest industrial developer to delay investment plans, a harbinger of things to come should the chaos deepen.