Daibochi gets the nod for Myanmar joint venture [PRESS RELEASE]
3 May 2017
- Myanmar operations to post significant contribution to Group effective 3Q17
- Investing USD5.5 million CAPEX to enhance plant production capacity and efficiency
Kuala Lumpur, Malaysia, 3 May 2017 – Leading flexible packaging manufacturer Daibochi Plastic and Packaging Industry Berhad (Daibochi; 耐慕志; Bloomberg: DPP:MK; Reuters: DPPM.KL) secured regulatory approval from the Myanmar Investment Commission (MIC) for its joint venture (JV) company Daibochi Packaging (Myanmar) Company Limited (DPM) to commence operations, charting a new milestone in its regional expansion in Southeast Asia’s burgeoning consumer packaging market.
Established in February 2017, DPM is a JV between Daibochi’s wholly-owned subsidiary Daibochi Flexibles Sdn Bhd and flexible packaging manufacturer Myanmar Smart Pack Industrial Company Limited (MSP) to operate a flexible consumer packaging production facility in Yangon, Myanmar.
Mr. Thomas Lim (林树坤), Managing Director of Daibochi Plastic and Packaging Industry Berhad said:
“With the approval from MIC, DPM will proceed with the completion of the JV agreement and we target to officially commence operations in a month’s time. DPM is set to contribute significantly to the Group’s financial performance effective from the third quarter of 2017 (3Q17).
More importantly, we are ready to commence exports from our Myanmar operations to ASEAN countries in 3Q17, complementing the Malaysian plant in covering a wider customer base. We will also expand sales within Myanmar itself, to ride on its growing population and increasingly-developing economy.”
Read the full press release here.
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