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Mitsui & Co., Ltd. ("Mitsui", Head office: Tokyo, President & CEO; Masami Iijima) is pleased to announce that it will start automobile service workshop business in Myanmar in collaboration with SCG Trading Co., Ltd. ("SCGT", Head office: Bangkok) which is a 100% subsidiary of Siam Cement Group, one of the leading industrial groups in Thailand. Mitsui and SCGT established the investment company SCGT Automobile Co., Ltd. ("SCA", Head office: Bangkok) and SCA established a joint venture company Mingalar Motor Co., Ltd. ("MGM", Head office: Yangon) with Oriental Apex Car Sales & Services ("OAC", Head office: Yangon, Myanmar). The new service shop will inaugurate and start operation in September 2014.
The number of registered vehicles in Myanmar is said to be about 400 thousand units. The vehicle market consists mainly of used vehicles, and the demand for high quality after service is increasing day by day. Additionally with an increase in population up to 60 Million, liberalization and rapid growth in the new car sales market are expected in the near future. In this context, Mitsui would like to get into this market through this project.
Mitsui began conducting business ahead of other companies in Myanmar. The number of investment projects being done by Mitsui in Myanmar in the1990's was the highest among Japanese companies. In 2012, Mitsui resumed exportation of rice from Myanmar. Mitsui will keep contributing to the development of Myanmar through valuable business, including this new automotive project.
|Name (plan)||SCGT Automobile Co.,Ltd|
|Head office||Bangkok, Thailand|
|Capital (Plan)||4.85 million US dollars|
|Shareholders||SCGT 67%, Mitsui 33%|
|Name (plan)||Mingalar Motor Co.,Ltd|
|Head office||Yangon, Myanmar|
|Capital (Plan)||6.5 Million US dollars|
|Shareholders||SCA 75%, OAC 25%|
|Major Businesses||Automobile service workshop|
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.