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Companies

Philippines' Ayala takes 'long-term' view on Myanmar amid crisis

Subsidiaries eye bid for Citi's local business, healthcare and logistics investments

Ayala CEO Fernando Zobel de Ayala says the Philippine conglomerate is preparing for a post-coronavirus economic recovery. (Source photos by EPA/Jiji and screenshot from Ayala's website) 

MANILA -- The Philippines' oldest conglomerate Ayala is taking a "long-term" view and a "wait-and-see" approach on Myanmar, executives said on Friday, even as a coup has forced other foreign businesses to exit or halt investments there.

Ayala, whose key interests are in real estate, banking and telecommunications, in 2019 announced a $237.5 million bet on Myanmar through a strategic partnership with Yoma Group, a local conglomerate controlled by tycoon Serge Pun. The Philippine company had eyed opportunities in various sectors from power to financial services.

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