PETALING JAYA: A unit of Parkson Retail Asia Ltd, a 67.61% subsidiary of Parkson Holdings Bhd, has entered into an agreement with two companies to form a joint-venture company for the purpose of establishing and operating department stores in Myanmar.
A filing with Bursa Malaysia stated that the unit, Parkson Myanmar Co Pte Ltd, had sealed the agreement with Yoma Strategic Holdings Ltd (YSH) and First Myanmar Investment Co Ltd (FMI) yesterday.
Parkson Retail is listed on the Singapore Exchange.
The joint-venture company, to be named “Parkson Myanmar Investment Co,” would be a limited liability company incorporated in Singapore.
It would have an initial paid-up share capital of US$3 (RM9.19), with one share in the capital of the joint-venture company held each by Parkson Myanmar, YSH and FMI.
The share capital of the joint-venture company would subsequently be raised to US$3mil, following which Parkson Myanmar, YSH and FMI would invest accordingly to achieve a shareholding proportion of 70%, 20%, and 10%, respectively.
Parkson Retail said the subscription monies payable by Parkson Myanmar would be funded through internal resources.
It added the investment in the joint-venture company was not expected to have any material impact on the consolidated net tangible assets per share or on the consolidated earnings per share of the company for the financial year ending June 30, 2013.