HG Metal commits to Myanmar joint venture
News Type: Expo News
HG Metal Manufacturing will take a majority stake in and capitalize a joint venture in Myanmar, the steel products maker said yesterday.
Under the terms of the agreement, HG Metal will pay US$95,700 (S$131,000) to Singapore-incorporated holding company Fortune Peak Investments for a 51.04 per cent stake in First Fortune International Co, a company that will undertake cut and bend, and fabrication services in Myanmar.
HG Metal said that the joint venture will give it a modern facility to provide cut and bend, and fabrication services in the fast-growing Myanmar market. HG Metal provides those services through its facility in Singapore, and focuses only on sale and distribution in Myanmar.
A version of this article appeared in the print edition of The Straits Times on August 24, 2018, with the headline 'HG Metal commits to Myanmar joint venture'.
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