"In light of these circumstances, Mr Serge Pun, along with the board of directors of the company have determined that it is in the best interest of the company, its shareholders, its employees, and its customers to accelerate these succession plans. This decision enables Mr Serge Pun to dedicate his attention to resolving these matters and preserve the stability of the group," Yoma adds.
In a letter to shareholders, Serge Pun says" "As a major shareholder of the company, I do not intend to reduce my stake and am committed to its continued success and next phase of growth."
The news comes after Yoma, on July 19, said that the elder Pun does not have "complete unrestricted use" of his communication devices. He would also be expected to remain in Nay Pyi Taw and stay at accommodation that's provided by the relevant authorities. The elder Pun will remain there until the authorities have completed their queries.
In addition, the company said it could not confirm whether Pun was detained or placed under "house arrest" per news reports.
See also: Southern Alliance Mining pursues rare earths as iron ore demand slumps
On July 9, Yoma clarified that there were no charges filed against the elder Pun as suggested in an article released by Myanmar-Now.
Shares in Yoma closed 0.3 cents lower or 2.52% down at 11.6 cents on July 24.
