UPP ties up with Myanmar firm for JV company

by Cheryl Tay

UPP Greentech Pte. Ltd (UPP Greentech), a subsidiary of UPP Holdings Limited (UPP), has inked a joint venture (JV) agreement with Myan Shwe Pyi Limited (MSPL) to establish a company called Kanaung Engineering Limited.

Under the agreement, UPP Greentech will own 67 percent of the stake in Kanaung Engineering Limited, while the remaining 33 percent will be held by MSPL.

Kanaung Engineering's main operations are expected to involve the blasting and drilling of rocks and / or breaking down blasted rock materials into aggregates to support key infrastructure projects in Myanmar.

The JV company will have a total issued and paid up capital of US$20,895,523 (S$26.52 million), which comprises 20,895,523 ordinary stocks valued at US$1 (S$1.27) each.

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