MYANMAR-BASED Singapore-listed conglomerate Yoma Strategic Holdings said its two newly appointed directors have “sufficient time and bandwidth” to fulfil their responsibilities, in response to a query from the stock exchange’s regulator.
The company – which owns real estate, financial, food and beverage, and transportation businesses in Myanmar – had on Aug 9 announced several changes to its board.
Its non-executive non-independent Jaime Alfonso Antonio Eder Zobel de Ayala had stepped down to “focus on new principal commitments”.
Alberto Macapinlac de Larrazabal, who had been alternate director to Zobel de Ayala, was appointed as a non-executive non-independent director.
The company is also adding an executive director: Pun Chi Yam Cyrus, son of Yoma’s former executive chairman Serge Pun. This appointment takes effect on Sep 1.
In its query to Yoma, Singapore Exchange Regulation noted that Cyrus Pun holds directorships in 54 private companies while de Larrazabal holds directorships in three listed companies and 43 private companies.
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Yoma said in its response that 38 of Cyrus Pun’s directorships are for Yoma group companies, and only five of these are operating companies. The remaining 16 directorships are at passive investment holdings companies.
Cyrus Pun was also an executive director at Yoma from February 2011 to January 2019, and a non-executive non-independent director from February 2019 to December 2021. From January 2022 to July 2024, he served as alternate director to Serge Pun.
Yoma said Cyrus Pun is therefore “already familiar with the responsibilities, and understands the expectations, of a director of the company”. He “actively participated and made major contributions at board meetings”, the company added.
As for de Larrazabal, Yoma said that as an alternate director he had “actively participated and made major contributions at board meetings of the company”.
It also said that 21 of his directorships do not require his attendance at board meetings, and that his positions are within the company’s guideline that each director should not have more than six listed company board seats.
Serge Pun stepped down as executive chairman in July, handing the role over to his other son, Melvyn Pun.
Explaining the leadership transition, the company said “recent developments in Myanmar have created a level of uncertainty with respect to Serge Pun and his engagement with the Myanmar authorities concerning banking activities in the country”.
Succession would allow Serge Pun “to dedicate his attention to resolving these matters and preserve the stability of the group”, Yoma said.
News agency Myanmar Now in July said Serge Pun had been detained – a claim Yoma denied. The company said he “has been meeting and cooperating with the relevant authorities, including the Central Bank of Myanmar, on matters relating to banking business”. Yoma also said no charges have been filed against him.
