Singapore-listed Singapore Myanmar Investco Limited has signed an agreement to be an exclusive distributor of Shiseido products in Myanmar. Local Shwe Taung group plans to complete its five-star Pan Pacific Hotel by the end of 2017, developed as part of the Junction City project.
Singapore’s SMI to distribute Shiseido products in Myanmar
Singapore Mainboard-listed Singapore Myanmar Investco Limited (SMI) has signed an agreement to exclusively distribute and market Shiseido products in Myanmar.
“Myanmar is one of the most promising economies in Asia, however for majority of Asian and global consumer brands, Myanmar is a relatively new frontier market,” said Mark Bedingham, president and chief executive officer of SMI.
SMI will help maintain a network of high-end retailers with its knowledge and experience of the retail landscape in Myanmar. SMI has been focusing on the duty-free retail business, F&B venture and auto services in Myanmar.
In October 2016, SMI announced the divestment from telecom tower business to Hong Kong’s Shining Star International Holdings Ltd for $12.7 million, seen as a move to shift its focus to the consumer-related businesses in the country.
Junction City’s five-star Pan Pacific Hotel be done by late 2017
The project is jointly developed by Shwe Taung Group, Singapore’s Keppel Land and the Pan Pacific Hotel group. The phase one of the $300-million Junction City project comprises Grade A office, a Pan Pacific hotel and a shopping centre.
Phase two of the project includes serviced residences scheduled to be completed in 2019.
Keppel Land has a 40 per cent stake in the Junction City Tower and the Phase 2 development of Junction City. The Pan Pacific Hotels Group has got a 20 stake in Pan Pacific Hotel.