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Intraco Ltd Forms Joint Venture To Enter Crane Rental And Distribution Business In Myanmar With Tat Hong Holdings Ltd

Thursday, 16 May 2013 05:14am EDT 

Intraco Ltd announced that it has entered into a nonbinding Heads of Agreement (the HOA) with Tat Hong Holdings Ltd (Tat Hong) and Mr Aung Moe Kyaw to establish a joint venture company in Singapore (the JV) to carry out the business of rental of cranes and distribution of cranes and excavators in Myanmar. The JV will have an initial paid-up capital of USD3.0 million with both INTRACO and Tat Hong holding a 40% stake each, with the remaining 20% to be held by Mr Aung Moe Kyaw. INTRACO‚Äôs share of capital will be sourced from internally generated funds. The JV will hold the license with various principals and carry out the distribution of cranes and excavators in Myanmar. It will also incorporate a wholly-owned subsidiary in Myanmar to provide the rental of crane services in the market. 

Company Quote

0.0050 +1.16%
8 Sep 2014