Yoma Strategic Holdings has teamed up with Sumitomo Corporation to distribute and service Hino brand trucks and buses in Myanmar.
The proposed joint venture is expected to be 60 per cent owned by Sumitomo Corporation, 20 per cent by Elite Matrix, a wholly-owned subsidiary of Yoma Strategic, and 20 per cent by First Myanmar Investment, a subsidiary of Serge Pun & Associates (Myanmar.
Yoma Strategic's involvement in this joint venture will serve to further broaden its burgeoning automotive interests in Myanmar, the mainboard-listed company said in a statement on Dec 19.
This collaboration with Sumitomo Corporation is the latest in a long partnership history between Sumitomo Corporation and the SPA group of companies, it added.
Hino Motors, a Toyota Motor Corporation company, is the largest manufacturer of heavy- and medium-duty trucks in Japan.
With sizeable market shares in Southeast Asia and Australia, Hino brand vehicles are renowned for their quality, durability and reliability, Yoma noted.
Worldwide sales of Hino-brand products amount to 130,000 vehicles annually.