KUALA LUMPUR: APM Automotive Holdings Bhd has received the nod from Myanmar Investment Commission (MIC) to set up a plant to manufacture and market car parts and modules in the 12ha industrial area of Bago Region under the name of APM Auto Components Myanmar Co Ltd.
In a filing with Bursa Malaysia yesterday, APM Automotive said the proposal was submitted by its units in Myanmar and Labuan APM Automotive Myanmar Ltd and APM Automotive Indochina Ltd.
It said the initial outlay for the construction, purchase of machineries and equipment for the first three years was estimated at US$9mil and will be funded internally and from external borrowings.
APM Automotive said the construction of the plant will commence within one year from the date of the MIC permit and completion was expected in three years.
“APM Myanmar will have an authorised capital of US$10mil, divided into 10 million shares of US$1 each.
“The minimum required capital, which is internally-funded, is US$150,000 of which US$75,000 has been paid up. APM Automotive Myanmar holds 100% less one share and APM Automotive Indochina, one share,” it said.
It said the permit was for 50 years, commencing from the date of the signing of a land lease agreement between APM Myanmar and the Bago Region government, and extendable for further periods of two terms of 10 years each.
Source: THE STAR ONLINE Malaysia