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Yoma Strategic Holdings Ltd announces joint venture agreement with Sumitomo Corporation And First MyanmarInvestment Co., Ltd

Wednesday, 18 Dec 2013 06:56pm EST 

Yoma Strategic Holdings Ltd:Says it has s entered into a joint venture agreement with Sumitomo Corp and First Myanmar Investment Co., Ltd for the purposes of establishing a joint venture company (JVCo) to operate authorized service stations for, and to distribute, Hino trucks and buses in the Republic of the Union of Myanmar.Says the parties will establish the JVCo in Myanmar upon the satisfaction of certain conditions precedent.Says the initial issued and paid-up capital of the JVCo will be $3 mln comprising 3 mln ordinary shares.Says it will subscribe for 20 pct of the issued share capital of the JVCo for a total cash consideration of $600,000 using its internal resources.Says Sumitomo will hold 60 pct and FMI will hold 20 pct of the issued share capital of the JVCo. 

Company Quote

31.5 +2.68%
19 Dec 2014