Yoma Strategic Holdings, the business corporation with real estate, agriculture and automobile dealership businesses in Myanmar and China, said last Friday its renounceable non-underwritten four-for-five rights issue of 422.1 million shares was 43.7% oversubscribed.

This means Yoma received subscription for 606.5 million rights shares including 203.9 million shares in excess applications.

With each new rights share priced at $0.24, the rights issue will raise $101.3 million before expenses, in which $91 million will be used to satisfy the acquisition price of the Star City Acquisition and $5 million will be utilised as an interest-free loan to Thanlyin Estate Development. The balance of the net proceeds will be utilised for the group’s working capital purposes.

The group successfully completed the acquisition of Star City on 1 June 2012 and will pay the aggregate consideration for the acquisition price of $91 million within 30 days of the closing date of the rights issue. The 422.1 million rights shares have been issued today and will be listed and quoted on the SGX from July 2.