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Business deals

Yoma shares surge on $238m capital tie-up with Ayala

Philippine conglomerate emerges as major shareholder of Myanmar group

The tie-up will boost Southeast Asian expansion plans for both groups.
KENTARO IWAMOTO, Nikkei staff writer | Myanmar, Cambodia, Laos

SINGAPORE -- Shares of Myanmar conglomerate Yoma Strategic Holdings surged 14% on Thursday morning after announcing a capital tie-up with Philippine conglomerate Ayala Corp.

The move is designed to strengthen Yoma's core businesses in Myanmar's rapidly growing economy.

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