Tokyo Century buys fifth of Yoma Strategic vehicle leasing business

Bloomberg

Tokyo Century Corp will buy a fifth of Yoma Strategic Holdings Ltd’s vehicle leasing business in a bid to expand in Myanmar and explore further collaboration with the Southeast Asian conglomerate.
The Japanese leasing services firm will buy a 20 percent stake in Yoma Fleet via newly issued shares for $26.6 million, Yoma Group said in a statement.
Myanmar’s fast growing automotive market presents high potential for growth, said Yasushi Yoshino, executive officer at Tokyo Century.
“We will also explore the possibility of further collaboration in other business areas of Yoma Strategic in coming years.”
The funds will help the Yoma Group expand its vehicle leasing business, which is targeting asset under management of $200 million by 2023 versus $40 million as of last month, according to the statement.