FRIDAY, March 29, 2024
nationthailand

Thai Wacoal puts Bt5mn into Myanmar joint venture

Thai Wacoal puts Bt5mn into Myanmar joint venture

Thai Wacoal has invested US$160,000 (Bt5.1 million) to set up a joint venture named Pattaya Myanmar Co to expand its textile supply chain to Myanmar.

 

Pattaya Myanmar Co is a producer and distributor of finished garments. Its production base is in Hlaing Tharyar Industrial Zone 2 of Hlaing Tharyar township, Yangon. 
The company said in a filing to the Stock Exchange of Thailand yesterday that the joint venture had total registered capital of $800,000. The stakeholder structure consists of Thai Wacoal with 20 per cent, Thai Wacoal’s major shareholders with 20 per cent, Saha Group with 30 per cent and an unconnected company with 30 per cent.
Pattaya Myanmar is expected to start operating this year.
Thai Wacoal also terminated its joint investment in BSC Entertainment. The entertainment-business company recently adopted a resolution to terminate its operations and has completed its liquidation process. Thai Wacoal has received a refund of Bt176.82 million from its total investment of Bt22.85 million or 10 per cent of BSC’s registered capital.
The company has set aside a provision for this investment. The termination of BSC will not affect Thai Wacoal’s business operations or financial position, the company said in its statement.
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