Intraco has tied up with Tat Hong Holdings and prominent Myanmar businessman Aung Moe Kyaw to establish Tat Hong Intraco, a joint venture company in Singapore, to rent and distribute cranes and excavators in Myanmar.
This formalises a non-binding heads of agreement in May.
Under the deal, the joint venture will have a paid-up capital of US$500,000, with Intraco and Tat Hong each holding a 40 per cent stake and the balance going to Mr Aung.
Tat Hong Intraco will carry out the distribution of cranes and excavators in Myanmar.
It will also incorporate Tat Hong Intraco Heavy Equipment Co, a wholly-owned subsidiary in Myanmar to provide the rental of cranes and other related business activities in the market.
The partners will contribute their respective areas of expertise to the venture.
Intraco will incubate and operate the joint venture companies.
Tat Hong, which is the seventh largest crane company in the world by aggregate tonnage owned, will provide its know-how, while Mr Aung will contribute his network as well as knowledge of Myanmar regulations and market practices.