Singapore-based Yoma Strategic Holdings Ltd’s full subsidiary, Convenience Prosperity Company Limited, has been appointed by J C Bamford Excavators Limited (JCB) as the exclusive distributor for the Myanmar market.
Founded in 1945, UK-based JCB is the world’s third largest manufacturer of construction equipment by volume with 22 manufacturing plants worldwide. JCB sells its products in 150 countries through 2,000 dealer depot locations.
With this appointment, CPCL will become the exclusive Myanmar distributor for the full range of products offered by JCB, including JCB backhoe loaders – of which nearly one in every two sold globally is a JCB, light, medium and heavy duty excavators, Loadall telescopic handlers, compactors and skid steer loaders.
Vipin Sondhi, managing director and CEO of JCB India, said, “We are looking forward to working closely with Yoma Strategic as part of our plans to grow JCB’s market position in Myanmar. As the construction industry expands to meet Myanmar’s requirements for new and improved infrastructure, the opportunities for JCB equipment in this important market are considerable.
“CPCL’s extensive distribution network, together with its reputation for industry-leading service support to customers, will enable JCB to grow brand awareness and market share in Myanmar during the next phase of economic growth in the country.”
A recent industry report by Timetric Construction Intelligence Center revealed that the Myanmar construction industry was valued at $8.2 billion in 2015 and is expected to grow to $13.5 billion in 2020, representing an annual growth rate of 10.4 percent. With significant infrastructure development anticipated in the coming years, the construction industry continues to represent one of the most attractive sectors for investment in the country.
Melvyn Pun, CEO of Yoma Strategic, said, “We are very excited to become the exclusive Myanmar partner for JCB, at a time when infrastructure and construction activities are accelerating across the country. JCB is one of the world’s leading brands for construction and heavy equipment, and has a range of products that is well-suited to Myanmar. The business further augments our comprehensive offerings in the Automotive & Equipment division, and will help drive meaningful synergies as we expand our distribution footprint across Myanmar.”
CPCL is also the distributor for Case New Holland (CNH), one of the leading agriculture equipment brands in the world and FPT generators, also from within the CNH group of companies.
Gerhard Hartzenberg, head of agriculture and construction equipment of Yoma Strategic, said, “We are delighted to represent JCB and we believe it will help to enhance the growth of our CPCL business. Our existing CPCL branches will enable us to fast track the growth of the JCB business, whilst at the same time, we see cost synergies via centralised administration functions and shared premises.”
Source: Myanmar Business Today
