Singapore's Yoma in JV to distribute Hino trucks in Myanmar
SINGAPORE Dec 19 (Reuters) - Singapore-listed Yoma Strategic Holdings Ltd said on Thursday it had signed a joint venture agreement with Japanese trading house Sumitomo Corp to distribute and service Hino trucks and buses in Myanmar.
Sumitomo will own 60 percent of the joint venture while Yoma will have 20 percent, the Singapore conglomerate with various businesses in Myanmar said in a statement.
First Myanmar Investment Co., a firm controlled by Yoma founder and executive chairman Serge Pun, will own the remaining 20 percent stake.
Hino Motors, a unit of Toyota Motor Corp, is Japan's largest manufacturer of heavy- and medium-duty trucks. (Reporting by Kevin Lim; Editing by Stephen Coates)