Singapore-based Yoma Strategic Holdings Ltd said it has incorporated a new automobile subsidiary in Yangon.
The new company, Yoma German Motors Limited, will sell and service Volkswagen passenger cars in Myanmar, the Myanmar focused company, owned by tycoon Serge Pun, said in a stock exchange filing in Singapore.
The paid up capital for the new company was $50,000, Yoma said.
Yoma will hold 100 percent stake in the new firm through its wholly-owned subsidiaries, Yoma Strategic Investments Ltd and Myanmar Motors Pte Ltd.
The company’s investment in Yoma German Motors Limited will be funded using internal sources.
Yoma Strategic’s 70-per-cent held unit, German Car Industries Company (GCI), entered into a service partner agreement with Volkswagen to operate the centre in Yangon in October 2013.
Source: Myanmar Business Today
