Yoma Strategic Holdings (YSH) said on Monday that Japanese leasing company Tokyo Century Corporation will acquire a 20 per cent stake in its subsidiary Yoma Fleet for S$26.6 million by way of newly issued shares, Business Times reported.

Upon satisfaction of certain conditions to complete the subscription of new shares by Tokyo Century, Yoma Strategic will become an 80 per cent shareholder in Yoma Fleet.

The Myanmar-focused group said the deal is part of its newly formed strategic partnership with Tokyo Century. Yoma Fleet is one of the largest vehicle lease and rental operators in the South-east Asian country with over 1,100 vehicles and total assets under management of over US$40 million.