Feb 18, 2013

Mitsubishi and Yoma Strategic Holdings Ltd. sign MoU

Japanese car company Mitsubishi Corporation has signed a Memorandum of Understanding with Yoma Strategic Holdings Ltd. (YSH) to open after sales service centers in Yangon, Mandalay and Nay Pyi Taw, according to its yesterday announcement.

The Mitsubishi Group, founded in 1970, is a Japanese multinational conglomerate comprising a range of autonomous businesses which share the Mitsubishi brand, trademark, and legacy. The group is making a lot of business including mining, shipbuilding, telecom, financial services, insurance, electronics, automotive, construction, heavy industries, oil and gas, real estate, foods and beverages, chemicals, steel, aviation and others.

YSH is registered at Singapore and a joint partner of First Myanmar Investment Company Ltd. (FMI).

A centre will be opened in Yangon first, followed by more centres in Mandalay and Nay Pyi Taw. Technicians from Japan will provide expertise and services, according to the release.

Actually, Mitsubishi brand used cars from Japan have already obtained market shares in Myanmar, and so the company has planned to open service centres. Myanmar is considered one of the most potential markets in Asia and Asean regions by Mitsubishi who is expecting to expand its market shares there.

FMI and YSH are subsidiaries of Serge Pun and Associates (Myanmar) Ltd. (SPA) and Mr. Serge Pun, who is also known as Thein Wai, is acting as Executive Chairman and also a controlling shareholder.

FMI is a top public company which has about 4,700 shareholders. FMI was founded in 1992 and it operates business in seven different industries including banking and real estate.

YSH was founded in 2006 and its major businesses in Myanmar and China include real estate, agriculture and car dealing.

SPA group has also made joint ventures in after sales centres with Nissan and Suzuki. Toyota, Honda, and Mercedes have already opened their after sales centres in Myanmar.

Some car types of Mitsubishi products such as Pajero, Canter, Challenger, Galant, Lancer, Eclipse, Delica and Colt are popular in Myanmar.

Source: Eleven Weekly Media