Myanmar's MK Group plans a joint venture with a Thailand company
Published on Tuesday, 11 December 2012 20:11
Myanmar's MK Group of Companies reached an agreement with Thailand-based TSL Auto Corporation to cooperate with each other to open a car showroom and auto service center in coming January next year in Yangon, according to sources in Thailand.
The reports said that the construction is 90% complete.
After teaming up with Myanmar-based partners, TSL invested 35 million baht to build the showroom and integrated maintenance and body repair service centre in Yangon.
SMRT Myanmar was set up as a joint venture, with TSL holding a 40% stake and MK Group the rest.
"We also have a new high-end car distribution business, but concentration will be put on the car maintenance and body repair service," said TSL chief executive Sureeporn Udompolpanich.
Servicing will be provided for imported European car brands, which are very popular in Myanmar.
The chief executive said the joint venture is forecast to post revenue of US$800,000 per year.
The venture, approved by Myanmar's government, will enjoy zero tax for machinery and equipment imports for eight years so long as TSL maintains an interest in the joint venture of more than 35%.
TSL Auto Corporation is the largest luxury car importer in Thailand and this is the company's first foray outside Thailand.
Founded 20 years ago, MK specializes in supplying high-end fashion products to the country's market.
Source: http://www.news.myanmaronlinecentre.com/2012/12/12/myanmars-mk-group-plans-a-joint-venture-with-a-thailand-company/
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