Acted for Yoma Bank in its financing of Frontiir Group’s contribution towards the acquisition of a majority stake in Digital Money Myanmar Limited (“Wave Money”), which operates Wave Money, the largest e-payment business and the first non-bank institution to be licensed as a mobile financial service provider in Myanmar, from Telenor group by a consortium led by Yoma Group.
Our scope of work includes acting for Yoma Bank in the drafting of the relevant security documents in respect of security to be provided by Frontiir Group to secure a Myanmar-denominated loan, the proceeds of which were intended to be applied solely for the purposes of financing Frontiir Group’s contribution towards the acquisition of the shares in Wave Money. The security involved a share charge over the shares in a Singapore incorporated affiliate of the borrower company through which Frontiir Group would hold its interest in Wave Money.
Given the cross-border nature of the loan and the interests of other consortium members in the underlying asset being acquired, the security package had to be carefully crafted to ensure that Yoma Bank would have sufficient means to enforce its security in the event of a default by the borrower, as well as to ensure that its interests were not diluted as a result of developments and/or decisions made between the consortium members.
