BH Global Marine into ‘Joint Venture’

by Mungpi
Wednesday, 09 December 2009 21:56

New Delhi (Mizzima) - Singapore’s BH Global Marine Limited said it has entered into a Joint Venture Agreement with two Burmese businessmen to export marine products to military-ruled Burma.

A BH Global official told Mizzima on Wednesday that the company has signed a Joint Venture Agreement with Shwe Nyan Win and Myint Swe Thein, two experienced Burmese businessmen in Marine and Oil and gas engineering with a strong network in Burma.

“Under the terms of the Joint Venture Agreement, the Partners and the Company will incorporate a joint venture company (“JV Company”) in Singapore to carry on the business of exporting various marine related goods and products to Myanmar [Burma],” said the company in a statement released on Tuesday.

According to the agreement, the initial paid up share capital of S $ 300,000 will be divided into 300,000 shares, of which each partners and the company will subscribe for 35 per cent and 30 per cent respectively.

The Directors of the company said they “believe that this proposed joint venture is synergistic and beneficial to the company as the joint venture will enable the company to extend its presence in Myanmar [Burma].”