Singapore Stock Exchange-listed Yoma Strategic Holdings (YSH) has agreed to buy an additional 10% in Digital Money Myanmar (Wave Money) from Yangon-listed First Myanmar Investment (FMI) for USD 6 million.

Wave Money is the largest mobile payment service in Myanmar and the transaction puts Wave Money’s equity value at around USD 60 million.

Wave Money, licensed under Myanmar’s Mobile Financial Services Regulations, is 51% owned by Norway’s Telenor. YSH had increased its stake to 34% last year after buying shares from FMI for $19.4 million. Yoma Bank holds another 5%.

The move comes among a series of announcement for YSH and FMI – both companies controlled by local tycoon Serge Pun. YSH has announced it would be selling a 12.5% stake in telecom towers company “edotco Singapore”, as well as taking in an investment of $238 million from Manila-based Ayala Corporation (see related article).