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Business deals

Asia powerhouses unite as Ayala invests in Myanmar conglomerate

Philippine group tightens bond with Serge Pun via $238m deal

Ayala Chairman and CEO Jaime Augusto Zobel de Ayala looks to capitalize on rising incomes and increasing integration across Southeast Asia. (Photo courtesy of Ayala)

MANILA/YANGON -- Philippine conglomerate Ayala will invest $238 million in two Myanmar-focused companies led by tycoon Serge Pun, a deal that links a pair of Southeast Asian corporate powerhouses in a country struggling to draw much-needed foreign investment.

Ayala will take a 20% stake in both Singapore-listed Yoma Strategic Holdings and First Myanmar Investment, which is traded in Yangon, company officials told the Nikkei Asian Review late Wednesday.

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