The purchase cost is less than the previous consideration of $53 million, the company said in a statement released on November 21.
The amendment in the purchase agreement was signed last Nov 18.
Purchase price reduction was arrived at on a willing-buyer willing-seller basis and after both parties took into consider their respective long-term business strategies for Myanmar and the economic outlook since the signing of their previous agreements.
Yoma said in its statement that they remain confident that the financial services pillar will contribute a significant part of its business performance in the next three to five years.
Wave Money processed a total of $8.7 billion in remittance and payments in 2020, representing around 12 percent of Myanmar’s GDP.
The company runs a network of more than 45,000 active agents or “Wave Shops” in urban and rural areas across 295 of the 330 townships nationwide.
In an earlier statement dated Jan. 17, Yoma said the business had seen a “significant recovery” in volumes since June 2021 with the trend expected to continue in the coming years.
Shares in Yoma closed at 0.6 percent less or a 5.88 percent drop as compared to its Nov 18 closing of 9.6 percent.
In a statement in January, Yoma Strategic CEO Melvyn Pun said the acquisition reinforces Yoma’s desire to build a strong financial and technology ecosystem in Myanmar over the long term.
“The digitization in the economy, in particular in financial services, has been remarkable for Myanmar. We are pleased that Wave Money has positively transformed the way of life of people in Myanmar, bringing financial inclusion to the mass,” Pun earlier said.
The agreement between Yoma Strategic and Telenor Group completes the divestment process announced in June 2020.