Toyo Seikan : Establishment of a Myanmar Joint Venture by a Consolidated Subsidiary of Toyo Seikan Group Holdings, Ltd.
July 04, 2016 at 03:30 am EDT
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Press Release
July 4, 2016
Takao Nakai
President and Representative Director Toyo Seikan Group Holdings, Ltd.
(Code: 5901, First section of Tokyo Stock Exchange)
Contact:
Kouki Ogasawara
General Manager of General Affairs Dept. Phone: +81-3-4514-2001
Establishment of a Myanmar Joint Venture by a Consolidated Subsidiary of Toyo Seikan Group Holdings, Ltd.
Toyo Seikan Group Holdings, Ltd. (the "Company") hereby announces that Toyo Seikan Co., Ltd., its consolidated subsidiary, has established a joint venture in Myanmar with Loi Hein Co., Ltd.
Purpose of Establishment
Toyo Seikan Co., Ltd., a consolidated subsidiary of the Company, has established a joint venture to manufacture and sell beverage cans in Myanmar together with Loi Hein Co., Ltd. to establish business base in Myanmar and to strengthen ties with partner companies.
Outline of the Joint Venture
1) Trade name
Yangon Can Manufacturing Co., Ltd.
2) Address
Thilawa Industrial Park, Myanmar
3) Name and title of representative
Tomonori Ogata, Managing Director and CEO
4) Business scope
Manufacturing and sales of beverage cans
5) Fiscal year end
March
6) No. of employees
Approx. 60 (tentative)
7) Capital
USD 9,500,000 (approx. JPY 973 mil)
8) Established
July 4, 2016
9) Net assets
USD 9,500,000 (approx. JPY 973 mil)
10) Total assets
USD 23,500,000 (approx. JPY 2,409 mil)
11) Major shareholders and shareholding ratio
Toyo Seikan Co., Ltd. 75.3% Loi Hein Co., Ltd. 24.7%
Outline of Loi Hein Co., Ltd.
1) Trade name
Loi Hein Co., Ltd.
2) Address
No.117, Wardan Road (Kele Road) Lamadaw Township, Yangon Myanmar
3) Name and title of representative
Dr. Sai Sam Htun, Executive Chairman
4) Business scope
Manufacturing and sales of soft drinks
5) Capital
10,000 mil kyat (approx. JPY 873 mil)
6) Established
August 18, 1992
7) Fiscal year end
March
8) Relationship between the listed company and Loi Hein Co., Ltd.
Capital relationship
Not applicable
Personnel relationship
Not applicable
Business relationship
Not applicable
Related parties
Not applicable
Schedule
1)
JV establishment
July 4, 2016
2)
Operational start
December 2017 (Scheduled)
Future Outlook
There will be no impact on the consolidated financial results ending March 2017 as the operational start of this joint venture is scheduled in December 2017.
Toyo Seikan Group Holdings Ltd. published this content on 04 July 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 04 July 2016 07:30:07 UTC.
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Toyo Seikan Group Holdings, Ltd. is a Japan-based packaging container manufacturer. The Company operates in four business segments. The Packing Container Related segment is engaged in the manufacture and sale of cans for canning and other metal products, plastic, glass and paper products, as well as the contract manufacture and sale of aerosol products and general goods filing. The Steel Plate Related segment is engaged in the manufacture and sale of steel and processed steel plates. The Functional Material segment offers disk substrates, optical function films, glazes and gel coat. The Real Estate segment is engaged in the leasing of buildings and commercial facilities. The Others segment is engaged in the manufacture and sale of hard alloy, machineries and tools, agricultural materials, the sale of petroleum products, as well as the insurance agency business.