SINGAPORE - Singapore Myanmar Investco (SMI) has terminated a joint venture meant to procure and launch the Jones The Grocer restaurant chain in Myanmar, the company announced on Thursday (Aug 30) before the stock market opened.
SMI, a Myanmar-focused investment and management company, said that the "initial development location", which was the cornerstone to launching the proposed franchise, was no longer available. The company did not clarify if the location referred to a specific place in Myanmar, or to the Myanmar market itself.
The joint venture agreement had been entered into with Pinnacle Myanmar, with SMI holding a 51 per cent stake. The joint venture company will be dissolved.
The termination of the deal is not expected to have any material impact on net tangible assets and earnings per share for the year ending March 31, 2019.