Yoma Strategic Shares Plummet Amid Executive Chairman's Cooperation with Authorities

Shares in Yoma Strategic Holdings dropped 17% after news that Executive Chairman Serge Pun is cooperating with authorities in Naypyitaw on bank business matters. Pun, a property tycoon with diverse interests, faces no charges. The company emphasized its routine engagement with government ministries and regulators.

Shares in Myanmar-focused conglomerate Yoma Strategic Holdings plunged nearly 17% in Singapore on Wednesday. This comes after the company announced its Executive Chairman Serge Pun is cooperating with authorities in Naypyitaw on banking matters. The firm clarified that no charges have been filed against him.

In a statement, Yoma Strategic Holdings emphasized, 'As a responsible business organisation in Myanmar, the group engages with the relevant government ministries and regulators from time to time.' Pun, a prominent property tycoon, has expanded his business interests into financial services, food, and auto sales.

Yoma's stock experienced an early trade drop of up to 21.5% but later settled at a 16.7% loss, trading at S$0.1319 ($0.098), marking its lowest level in two weeks. ($1 = 1.3496 Singapore dollars)