First Myanmar Investment Company (FMI) yesterday announced the termination of its agreement to invest in Asia Golden Glory Development Co, the company involved in developing the Yeni Industrial Town Project.
In an announcement filed with the Yangon Stock Exchange, FMI said it had terminated a 2017 agreement for it to acquire a 30 percent stake in Asia Golden Glory, given that the latter was unable to meet terms stated within the stipulated timeframe.
Accordingly, FMI’s interest in the development of the Yeni Project has also been terminated.
The Yeni Project occupies an area of approximately 1,900 acres in Yedashe Township, which is located on the northern edge of Bago Region. The first phase of the project involves the development of an industrial zone designed to accommodate light industries such as textiles and garments, paper and pulp, printing and packaging, food and beverage and warehousing.
FMI first announced its agreement with Asia Golden Glory in May 2017.
FMI, which is listed on the Yangon Stock Exchange, owns business in healthcare and banking. Earlier this week, it spun off its property holdings into a separate vehicle, Yoma Land, which will be held under its sister company, Singapore-listed Yoma Strategic Holdings.
Shares of FMI closed yesterday at K11,500 each.