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Parkson Retail to expand retail presence in Myanmar

RBR Staff Writer Published 28 August 2012

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

The retailer as per the agreement will hold a 70% stake in the JV with Yoma holding 20% and the remaining 10% held by First Myanmar, reported MYANMARTIMES.

The joint venture is expected to have a paid-up capital of $3m, said the company.

The Parkson shopping mall will be located on Bogyoke Aung San Road in Pabedan township and is scheduled to open on 31 March 2013.

Occupying 43,000ft² of space the Parkson Myanmar store will be spread across four levels of FMI Centre.

Parkson Retail Asia is a Southeast Asia-based departmental store operator with a network of 54 stores in Malaysia, Vietnam and Indonesia.