|By JCN Newswire||
|April 21, 2014 10:55 PM EDT||
Tokyo, Apr 22, 2014 - (JCN Newswire) - Mitsubishi Corporation (MC) has entered into an agreement with First Myanmar Investment Co., Ltd (FMI) and Yoma Strategic Investments Ltd. (YSI)* for the purpose of establishing a joint venture company, MC Elevator (Myanmar) Ltd (MC Elevator), to provide, inter alia, technical services and solutions, installation, testing and commissioning and import and supply of elevators, escalators and related products in Myanmar. FMI and YSI are part of the enlarged group of one of Myanmar's leading corporations, Serge Pun & Associates (Myanmar) Limited (SPA). The new company, MC Elevator, is scheduled to start operations this summer, pending completion of set-up procedures required in Myanmar. MC will hold 60% of shares, while FMI and YSI will each hold 20%.
Urban development in Myanmar has gained remarkable momentum in recent years, following the government's moves towards democratization. This has led to increased foreign investment, particularly in the construction and real estate development sectors, where demand for elevators and escalators is projected to also grow.
MC has been applying its trading functions in collaboration with SPA group companies for the distribution of Mitsubishi Electric elevators, escalators and related products in Myanmar since 1998. The aim of establishing MC Elevator is to further expand this business by strengthening capabilities for more effective customer support and maintenance services on the ground.
MC intends to continue collaborating with Mitsubishi Electric in the elevator and escalator business, particularly in developing countries with high growth potential such as Myanmar.
* Yoma Strategic Investments Ltd.is a wholly owned subsidiary of Yoma Strategic Holdings Ltd.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Source: Mitsubishi Corporation
Mitsubishi Corporation Telephone:+81 3 3210 2171 Facsimile:+81 3 5252 7705
Copyright 2014 JCN Newswire. All rights reserved. www.japancorp.net