Japan’s top financial services company Tokyo Century will purchase a fifth of a unit of Yoma Strategic in an effort to establish its presence in Myanmar. The company will buy a 20% stake for $26.6 million in Yoma Fleet, a subsidiary of Yoma Strategic, through its newly issued shares, according to a press release.
Also, the additional capital provided by Tokyo Century will help Yoma Fleet strengthen its vehicle leasing business in Myanmar, targeting asset under management of more than $200 million by 2023. Yasushi Yoshino, senior managing executive officer at Tokyo Century said, “I am very happy to announce our entry
into the high potential Myanmar market with Yoma Strategic, the best partner in Myanmar.” The company will contribute to Myanmar’s fast-developing automotive market through its auto leasing expertise in Japan and Southeast Asian countries.
Mr. Melvyn Pun, CEO, Yoma Strategic, said, “We warmly welcome Tokyo Century as our partner in Yoma Fleet. Their international expertise in non-bank financial services, in particular, auto leasing, will be invaluable as we work together to expand Yoma Fleet’s business.”
Yoma Fleet was founded in 2014 as a vehicle rental solutions provider to multinational companies. Last year, it included product solutions for SME and retail customers.