Yoma gets new CEO from July

SINGAPORE — Myanmar-focused conglomerate Yoma Strategic Holdings said yesterday that Mr Melvyn Pun, the son of its executive chairman and substantial shareholder Serge Pun, will take over as chief executive officer in July.

The younger Mr Pun will assume the role after incumbent Andrew Rickards steps down as chief executive and executive director at the company’s annual general meeting on July 27, the company said in a filing with the Singapore Exchange, where it is listed. The move is in line with the company’s succession planning policy, Yoma said.

Mr Pun, who will also be appointed as executive director at Yoma, was previously the managing director and the head of Asia ex-Japan Corporate Solutions Group at United States bank Goldman Sachs.

Yoma yesterday also reported that its fourth-quarter net profit rose 28.1 per cent from the corresponding period a year earlier, helped by property revaluation gains in Myanmar, currency translation effects and strong performances in its tourism and automotive businesses.

For the three months ended March 31, Yoma made a net profit of S$8.2 million, up from S$6.4 million in the year-earlier period. Revenue for the quarter was up 0.1 per cent at S$27.6 million. For the full year, net profit jumped 71.7 per cent to S$28.1 million as revenue grew 10.4 per cent to S$110.9 million.

Yoma remains upbeat about Myanmar in the long term but is cautious as the country prepares for elections in November. “For the residential market, the group is confident of the long-term prospects supported by continued urbanisation in Yangon, and when mortgages and a condominium law allowing foreigners to own property are introduced, there will be a positive impact … However, the group will be taking a cautious approach to new real estate developments over the next 12 months in view of increased supply and uncertainty over the outcome of the forthcoming elections,” it added.

Yoma shares fell 1 per cent to 51 cents each yesterday.