Singapore-listed conglomerate UPP Holdings Ltd said the Myanmar government has issued certificate of incorporation and the final form of permit to its power generation subsidiary to carry on a power plant project in the energy-starved Southeast Asian country.
The new firm, UPP Power (Myanmar) Ltd, will see an investment of $46.511 million, approved by the Myanmar Investment Commission (MIC), UPP said in a stock exchange filing.
The company and UPP Greentech Pte Ltd, a wholly owned subsidiary of UPP, have invested the total sum, comprising: initial capital injection of $75,000; additional capital injection of $46,000; and aggregate consideration of $46.39 million.
UPP holds 1 percent stake in the company while UPP Greentech holds the rest.
In August last year, UPP signed a turnkey agreement with Myanmar-based MSP Tractors Pte Ltd and Myan Shwe Pyi Tractors Ltd to build the power plant.
UPP started looking into potential businesses in Myanmar since 2012 in a bid to diversify its portfolio into the fields of construction and infrastructure projects in Myanmar.
Source: Myanmar Business Today