Metro Group Signs Joint Venture Agreement With Yoma Strategic Holdings
Metro Group has signed a joint venture with Singapore-listed Yoma Strategic Holdings to develop a food distribution platform in Myanmar.
The group will take an 85% stake in the business, with Yoama holding a 15% stake. It will mark Metro's first entry into Myanmar.
The group intends to open a wholesale distribution depot in Yangon’s Thilawa Special Economic Zone in 2018, with construction work set to begin this March.
“I’m pleased that Metro is now entering Myanmar, such a promising market that offers abundant opportunities for our B2B wholesale business," said said Olaf Koch, Chairman of the Management Board of Metro AG.
“We are convinced that Metro’s proven expertise in areas such as food safety and supply chain management will strongly contribute to the development and upgrade of the local supply and distribution infrastructure.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.