SINGAPORE - Yoma Strategic Holdings, through its 70 per cent-owned subsidiary, Myanmar Motors, has teamed up with Mitsubishi Corporation to provide sales support for Bridgestone tyres in Myanmar.
Under the deal, Mitsubishi will hold 70 per cent of the joint venture company, First Japan Tire Services Company, with the balance held by Myanmar Motors.
The other 30 per cent of Myanmar Motors is owned by First Myanmar Investment Co, an affiliate of Yoma, which is part of the Serge Pun & Associates' (Myanmar) enlarged group of companies (SPA Group).
Mitsubishi and SPA Group signed a business alliance memorandum of understanding last October to jointly explore business opportunities in Myanmar, including automotive service and elevator-related businesses.
To date, they have entered into agreements to jointly distribute and operate after service centres for Mitsubishi Motors, distribute Mitsubishi Electric lifts and elevators and, together with another entity, Jalux, jointly operate the Mandalay International Airport.
Mitsubishi and Bridgestone, the world's top tyre maker by market share, already have a series of tyre manufacturing and sales joint ventures in South East Asia, particularly in Thailand, Vietnam and Malaysia.
The new venture will draw on the know-how that Misubishi has accumulated in the industry to provide sales and marketing support to SPA Group's distributors in Myanmar.