Joint venture with Ever Investment, China Lesso Group Holding Ltd entered to build an integrated commercial and logistics complex project in Yangon

Hong Kong-listed China Lesso Group Holdings Ltd, a building materials supplier, has entered into a joint venture with Ever Investment to build an integrated commercial and logistics complex in Yangon worth US$87 million.

China Lesso’s Yangon-based subsidiary, Lesso Mall Investment and local partner Ever Investment formed a joint venture called Lesso Home Development for the project, with Lesso Mall holding a 60 percent stake and Ever Investment holding the remainder stake.

Lesso Home Development has been authorized by the Myanmar Investment Commission (MIC) to carry out construction, selling, leasing and management of offices, commercial, wholesale and retail business in Yangon Region.

According to the Directorate of Investment and Company Administration (DICA), the project involves an integrated commercial and logistics complex that includes a market and 1,200 parking bays on a 70-acre plot of land in Seikkan Township, Yangon.

DICA acting director general U Thant Sin Lwin said the project will be developed over three years and create up to 2,000 jobs when operational.

Meanwhile, DICA said the MIC has given its approval to South Korea’s Shinkwang Marine Company to manufacture inflatable boats and export it to Italy, France, China and Canada.

(The Myanmar Times: https://www.mmtimes.com/news/hk-listed-company-jv-local-partner-us87-million-project.html )

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