Agreement signed but pending approval.
SGX-ST Mainboard-listed Yoma Strategic Holdings Ltd and The Hongkong and Shanghai Hotels, Limited (HSH) have announced a definitive shareholders' agreement for the purpose of restoring the former Myanmar Railway Company headquarters into a hotel to be called The Peninsula Yangon.
The agreement, subject to conditions and approval, will seek to redevelop and restore the heritage building, which dates from the 1880s and is one of the oldest existing colonial buildings in Yangon. It is located on Bogyoke Aung San Road in the central business district of Yangon, one kilometre north of the Yangon River and adjacent to the tourist attraction known as Scott's Market.
Mr Clement K.M. Kwok, Managing Director and Chief Executive Officer of HSH, commented: "Myanmar is one of the world's most exciting emerging markets and we see good potential in this market as a luxury travel and tourism destination. We are delighted to partner with Yoma, who share our long-term vision for the success of this project and have a proven track record of successful investments in Myanmar."
Mr Serge Pun, Chairman of Yoma Strategic Holdings Ltd, said: "The former Myanmar Railway Company headquarters is an iconic building in Myanmar. We believe that working with one of Asia's most established hotel owner-operators and creator of world-class experiences will be invaluable in restoring the building to its former glory, as well as bring to Yangon a new luxury experience. It is a privilege to be part of this endeavour."
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