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

Visual of Yoma Strategic Holdings website. October 2015

Japan’s Mitsubishi Corporation and Singapore Stock Exchange-listed Yoma Strategic Holding Ltd have set up a joint venture to distribute Mitsubishi automobile and provide services in Yangon, according to a press release.

MM Cars Myanmar Limited (MMCM), a 50-50 joint venture between the two firms, will handle the wholesale distribution, retail sales, after-sales services, maintenance service of motor vehicles and spare parts of Mitsubishi Motors Corporation.

“The joint venture with Mitsubishi Corporation formalises our collaboration in developing the Mitsubishi Motor business in Myanmar over the past year. We are excited that our new showroom, alongside with our service centres will deliver a high standard of services to our customers,” said Melvyn Pun, CEO of Yoma Strategic.

Yoma’s investment in the joint venture will be made through internal accruals. The issued and paid up share capital of the joint venture is $8,000,000 comprising 8,000,000 ordinary shares of $1 each, Yoma said in an SGX filing.

Yoma Strategic set up two after-sales service centers in Yangon in May 2013 and MMCM will handle these service centers as well as the new showroom.

The showroom currently has a display area for five cars, a modern workshop and a spare parts store.

Used cars of Mitsubishi has been running in Myanmar, where Japanese automobiles have been popular, for the past several years. Since 2012, the government announced the approval of new vehicle imports and sales by joint ventures. “These developments are expected to generate further growth in the Myanmar vehicle market,” stated the press release.

Yoma Strategic Holding has several partnerships with Mitsubishi Corporation, including an elevator related business, a tyre business and the operation of the Mandalay International Airport. It is present in many strategic business in Myanmar along with its affliate SPA Group.

 

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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.