Daibochi to invest RM29m to expand into Myanmar

KUALA LUMPUR: Flexible packaging manufacturer Daibochi Plastic and Packaging Industry Bhd plans to invest RM29 million (US$6.8 million) to make its first foray in Myanmar via a joint venture company, namely Daibochi Packaging (Myanmar) Co Ltd (DPM).
Daibochi today signed a memorandum of agreement (MoA) with Myanmar Smart Pack Industrial Company Ltd (MSP) to establish a production facility in Yangon, Myanmar. Daibochi and MSP will own 60% and 40% stake in DPM respectively.
"Through DPM, we would have our first manufacturing facility in a foreign country, building on MSP's ongoing business," its chairman P. James Edwin Louis Pushparatnam said at the signing ceremony today.
Edwin said DPM is expected to post more than US$8 million in revenue in its first full year operation, based on MSP's annualised 2016 financials.