MAINBOARD-LISTED YHI International, through its wholly owned subsidiary YHI Corporation (Singapore), has entered into a joint venture agreement with Aung San Company, a private firm in Myanmar dealing with the import of car products such as wheels, tyres, accessories, spare parts and general merchandise.
Called YHI Aung (Myanmar) Company Limited, the new joint venture company will develop and establish the marketing business of car and industrial products in Myanmar, YHI said in a Singapore Exchange filing on Tuesday.
YHI Corporation will contribute 19 per cent of the initial paid-up capital, amounting to US$19,000, and Aung San will contribute 81 per cent amounting to US$81,000.
YHI said that it may increase its shareholding in the joint venture company up to a maximum of 51 per cent.
YHI Aung (Myanmar) is funded by internal resources, and is not expected to have a material impact on the company’s earnings per share and net tangible assets per share for the current financial year ending Dec 31.
YHI International shares ended S$0.01 at S$0.39 on Tuesday.
Source: The Business Times
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