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Yoma Strategic Holdings Ltd Announces Memorandum Of Agreement With Parkson Retail Asia Limited, Parkson Myanmar Co Pte. Ltd. And First Myanmar Investment Company Limited


Tuesday, 14 Aug 2012 06:11am EDT 

Yoma Strategic Holdings Ltd announced that the Company has on August 14, 2012 entered into a memorandum of agreementwith Parkson Retail Asia Limited (“PRA”), Parkson Myanmar Co Pte. Ltd. (“Parkson Myanmar”) and First Myanmar Investment Company Limited (“FMI”) for the purposes of establishing a joint-venture company to operate departmental stores in the name and style of “Parkson Department Store” in Myanmar. Parkson Myanmar is a wholly-owned subsidiary of PRA, a company listed on the mainboard of the Singapore Exchange Securities Trading Limited. Under the terms of the MOA, it is expected that Parkson Myanmar will hold 70% of the JVCo whilst the Company will hold 20% with the balance 10% to be held by FMI. The JVCo is expected to have a paid–up capital of USD3 million. Under the MOA, Myanmar’s first Parkson Department Store is expected to be located in FMI Centre in the Pabedan Township of Yangon, which is the center of downtown Yangon and home to two shopping areas in Myanmar. The store is likely to comprise four storeys with a built-up area of approximately 43,000 square feet. It is targeted to be open for business by March 31, 2013 or such other date to be agreed upon by all parties. 

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29 Jul 2014