Myanmar Digest: BASF opens first chemical plant; Precision Auto to invest $1.35m

Photo: BASF.

Global Chemical firm BASF has made an entry into Myanmar with the construction of a chemical plant. And, Precision Auto Engineering from India plans to invest $1.35 million for setting up an assembly plant in Kayin State.

BASF opens chemical plant in Yangon 

Global manufacturer of chemical products BASF has announced the opening of its first plant in Myanmar to produce tailor-made construction chemicals. The production facility, located at the East Dagon Township, will supply concrete admixtures to support the growth of the local construction industry.

“Myanmar is one of the fastest growing markets in Asia Pacific, and is important for BASF,” said Dr. Hicham Abel, senior vice president, Construction Chemicals Asia Pacific at BASF.

Since 2012, BASF has been offering solutions to the Myanmar market through distributors. Its registered sales in Myanmar in 2017 stood at about €9 million ($10.5 million).

India’s Precision to invest $1.35m in automobile unit

Precision Auto Engineering Co Ltd, an Indian maker of stainless steel fasteners and high tensile fasteners, plans to invest $1.35 million in setting up an automobile assembling and manufacturing plant in Kayin State, according to the directorate of investment and company administration.

The investment marks the first foreign investment approved in Kayin State during the two year tenure of the current elected government.

Located at the Myawaddy Border Trade Industrial Zone, the plant will produce two-wheeler, three-wheeler and a four-wheeler eco-car production.

Kayin State has three foreign investments approved as of March 2018, contributing $228 million. Yangon has seen 846 foreign investments approved for a total of $20.2 billion so far.

Also Read:

BASF to buy seeds, herbicide businesses from Bayer for $7b

Mitsubishi forges JV with SGX-listed Yoma Strategic to distribute cars in Myanmar

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.