August 19, 2016

Malaysia’s Texchem to explore Myanmar market further through new JV

Men catch fish at the fish farm in Rakhine State.
Men catch fish at the fish farm in Rakhine State.

Texchem Resources Bhd (TRB), which already has a seafood processing factory in Myanmar, plans to explore further the market through a joint venture (JV) with Yangon-based frozen and dried seafood Mascot Industries Co Ltd and Brunei-based investment firm E-Sprint Co Ltd, according to Malaysia’s Star Online.
The news reported that the JV company Texchem Marine Labutta Ltd (TMLL), which will be 65% owned by TRB’s unit Texchem Food Sdn Bhd, would carry out the business of processing and marketing of marine products such as soft shell crab, prawns and hamaguri (clams).
“The JV would enable the TRB group to tap into the technical know-how of E-Sprint and Mascot to further explore the natural resources in Myanmar for the business activities of TMLL,” it said.
TRB said upon signing up of the JV, the paid-up capital of TMLL would be increased to 2 billion kyats (RM6.44mil), of which E-Sprint would have 30% interest and Mascot 5%.
Shares in Texchem fell 2 sen or 1.16% to close at RM1.70 on Friday.


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