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Parkson Retail announces retail expansion in Myanmar

RBR Staff Writer Published 07 November 2012

Parkson Retail Asia, a unit of Parkson Holdings has signed a joint venture (JV) with Yoma Strategic Holdings and First Myanmar Investment to open Parkson department stores in Myanmar.

With an initial paid-up capital of $3m the JV will be held 70% by Parksons, reported theSundaily.

Yoma and First Myanmar will hold the remaining 20% and 10% stake respectively and the initial capital will have the option to be expanded by a further $3m.

Parkson Retail noted that the JV is in line with the group's expansion plans to expand its brands network across Southeast Asia.

Further, the chian anticipates that the proposed JV will allow the group make gains due to the first-mover advantage in the rapidly-growing retail sector in the country.

Parkson Retail operates a chain of department stores and offers apparel, cosmetics and related accessories, household items, electrical appliances, food items, groceries and perishables, among others.

The chian operates its stores in Malaysia, China, and Vietnam. It operates as a subsidiary of PRG Corporation Limited.