Hi, Myanmar: Yoma invests $10 million in cold chain business

Fresh catch will abound.

Yoma announced yesterday that it has entered into a definitive joint venture agreement with Kokubu & Co., Ltd. and First Myanmar Investment Co., Ltd. to establish a JV in Myanmar that will distribute agriculture and marine products using high specification vehicles with refrigeration capabilities.

In a report, OCBC reveals that Yoma will take a 30% stake in the JV and the initial investment will compromise up to $10 million to be contributed in two phases upon the satisfaction of certain conditions precedent, including the issue of a lease agreement for a land site to build a distribution center in Yangon and the procuring of relevant licenses and permits.

OCBC adds that in the event that both parties agree to construct a new distribution center in Mandalay, the JV parties agree to contribute an additional $4 million into the venture.