Mitsubishi Corporation Enters Elevator Business in Myanmar

 

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 Holdings Ltd 

1)   Head office:                 78 Shenton Way, #32-00, Singapore, 079120

2)   Year Establishment:     August 2006 (re-listing)

3)   Business Activities:      Yoma Strategic Holdings Ltd. is a leading business corporation

with real estate, agriculture, automotive and luxury tourism businesses in Myanmar and the People’s Republic of China. Together with its partner, the SPA Group, the Group is taking a conglomerate approach to build a diversified portfolio of businesses in Myanmar.

4)   Representative:           Serge Pun, Executive Chairman

 

1)    Head office:                             FMI Centre, Level 10 & 11, 380, Bogyoke Aung San Road,

Pabedan Township, Yangon, Myanmar

2)    Year Established:       1992

3)    Main business:           FMI is one of Myanmar’s leading public companies. With over

5,000 individual shareholders, FMI is an investment holding company that boasts a balanced portfolio of investments in 7 different spheres of businesses, including financial services, real estate and automobile distribution. The company is an entity within the SPA Group.

4)    Representative:          Serge Pun, Executive Chairman

 

1)    Headquarters:             3-1, Marunouchi 2-Chome, Chiyoda-Ku, Tokyo 100-8086,

Japan

2)    Business Activities:     MC is a global integrated business enterprise that  develops

and operates business 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

3)    Representative:          Ken Kobayashi, President and CEO

4)    Year Established:       1950

5)    No. of Employees:      65,975 (consolidated, as of March 31, 2013)