SINGAPORE - Diesel engine and power generating solution provider XMH Holdings has set up a joint venture company in Myanmar to manufacture transformers, generator sets and power solution products.
XMH Holdings' unit XMH Engineering has a 50 per cent stake in the joint venture entity, while Myanmar MarcoPolo will hold 25 per cent and Bulox Power, the remaining 25 per cent.
The move is in line with XMH's expansion plans and represents an opportunity for the group to develop closer links with both existing and potential customers in the region, it said in an exchange filing on Tuesday (Aug 15).
The joint venture will also allow XMH to expand its existing core businesses by tapping on the business network of Myanmar MarcoPolo and by leveraging on the goodwill of the Bulox Power brand in the sale of transformers, while also expanding its product range.
"This will in turn allow the group to strengthen its foothold, increase its business activities and operations and raise its profile in the Myanmar market," the statement said.