Sale of Kyaik Lat Rice Complex
Myanmar Agribusiness Public Company Limited
Announcement No. (02/2019-2020)
29th November, 2019.
Sale of Kyaik Lat Rice Complex
The Board of Directors (the Board) of Myanmar Agribusiness Public Company Limited (MAPCO) would like to inform the shareholders as follows:
Myanmar Agribusiness Public Company Limited
Announcement No. (02/2019-2020)
29th November, 2019.
Sale of Kyaik Lat Rice Complex
The Board of Directors (the Board) of Myanmar Agribusiness Public Company Limited (MAPCO) would like to inform the shareholders as follows:
- In accordance with the Board’s reports to the Shareholders in 2018 Annual Report and 2019 Annual Report, Kyaik Lat Rice Complex under MAPCO Golden Lace Co., Ltd. (MGL), has been decided to divest and sell to Wilmar Myanmar Riceland Kyaiklat Limited (Wilmar).
- MAPCO has 55% shareholding in MGL.
- The conditional asset purchase agreement with Wilmar was signed on 28.11.2019 at MAPCO Office
- The relevant approvals from Myanmar Investment Commission (MIC) shall be applied by both MGL and Wilmar during 2019-2020 fiscal year.
- The sale includes only Rice Mill, Warehouses and Buildings under the asset sale. MGL will continue to have some land areas which are not included in the sale and will be kept under the MGL for other business activities.
- As the Board of MAPCO has introduced a new business strategy to focus on investing rice processing complexes near or at the Export Gateways (Yangon, Mandalay, Naypyitaw, Musel etc) or at the strategic location in the supply chain, MAPCO will be setting up a new rice complex, 100% owned by MAPCO, in Hlaing Thar Yar Industrial Zone in Yangon Region, which has been started constructing since the beginning of 2019 and will be commissioned within 2019-2020 fiscal year. Besides, MAPCO shall be completing and commissioning another Rice Complex in Twan Tay Township, Yangon Region, which will also be completed within 2019-2020 fiscal year. Besides, MAPCO is conducting feasibility study to set up an integrated warehouse and re-processing center in Hlegu Industrial Estate, which will be invested by MAPCO in collaboration with other international and local investors.