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Parkson Holdings Bhd's Subsidiary To Establish Joint Venture Company With Yoma Strategic Holdings Ltd And First Myanmar Investment Company Limited

Tuesday, 14 Aug 2012 07:40am EDT 

Parkson Holdings Bhd announced that Parkson Retail Asia Limited and Parkson Myanmar Co. Pte. Ltd (Parkson Myanmar), a wholly owned subsidiary of the Company, had on August 14, 2012, entered into a memorandum of agreement (MOA) with Yoma Strategic Holdings Ltd (YSH) and First Myanmar Investment Company Limited (FMI), a subsidiary of Serge Pun & Associates (Myanmar) Limited, for the purpose of establishing a joint-venture company to operate departmental stores in the name and style of Parkson Department Store in Myanmar. Under the MOA, Parkson Myanmar will hold 70% of the joint venture company while YSH will hold 20% with the balance 10% to be held by FMI.