The joint venture, subject to approval by relevant authorities, is expected to be 60-percent owned by Sumitomo Corporation, 20-percent by Elite Matrix, a wholly-owned subsidiary of YSH, and 20-percent by First Myanmar Investment (FMI), a subsidiary of Serge Pun & Associates (Myanmar) (SPA).
“YSH’s involvement in this joint venture will serve to further broaden the company’s burgeoning automotive interests in Myanmar. This collaboration with Sumitomo Corporation is the latest in a long partnership history between Sumitomo Corporation and the SPA group of companies,” the firm said in a statement yesterday.
YSH’s chief executive officer Andrew Rickards expressed confidence in the prospects of the company’s partnership with Sumitomo Corporation to sign a Myanmar deal to distribute Hino brand vehicles.
“We have seen demand for robust trucks with good load capacity grow in tandem with the economy and with the continued improvements to infrastructure, we expect this momentum to sustain. Also, demand for long-distance coach services is likely to increase, particularly for travel between major cities, as urbanization continues and tourism flourishes further,” he said.
“Many major vehicle manufacturers are now eyeing the Myanmar market at the back of the vehicle demand growth spurt. We firmly believe that this is a right step in our efforts to strengthen our automotive portfolio, in line with our longer term plans to become a significant player in the automotive industry in Myanmar.”
Hino Motors, a Toyota Motor Corporation company, is the largest manufacturer of heavy- and medium-duty trucks in Japan. With sizeable market shares in Southeast Asia and Australia, Hino brand vehicles are renowned for their quality, durability and reliability. Worldwide sales of Hino-brand products amount to 130,000 vehicles annually. In Japan, Hino is the preferred brand for heavy-, medium- and, increasingly, light-duty trucks.
YSH is one of the leading business corporations with real estate, agriculture, automotive and luxury tourism businesses in Myanmar and China. Together with its partner, the SPA Group, YSH is taking a conglomerate approach to building a diversified portfolio of businesses in the Southeast Asian country.
Listed on the Tokyo, Osaka, Nagoya and Fukuoka stock exchanges, Sumitomo Corporation engages in a wide range of businesses including media, resources and transportation systems. Incorporated in 1919, it has an established presence in 116 locations including 65 overseas and 24 in Japan.
source: Eleven Myanmar
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