United Overseas Australia Limited
(ASX:UOS) is pushing ahead with its entry into the Myanmar property market in an effort to enhance shareholder earnings and equity value.
After flagging a potential $US24 million acquisition in January, to develop more than two acres of land in the Yangon region, the land developer says it has now inked a formal share purchase agreement.
Under the deal United Overseas Australia will acquire 80 per cent of the shares in a Myanmar incorporated company, pending approvals which are expected to take up to six months to secure.
United Overseas Australia says the first development project will include both commercial and residential areas and is expected to cost about $US80 million.
United Overseas Australia reported a net profit of $158 million in the 2013 financial year.
