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.
