XMH Holdings announces incorporation of 50%-owned joint venture company in Myanmar

SINGAPORE (Aug 16): Power solutions company XMH Holdings says its wholly-owned subsidiary, XMH Engineering, is establishing a 50%-owned joint venture (JV) company in Myanmar with Myanmar MarcoPolo (MMP) and Bulox Power (BP), which will each hold a 25% interest in the company, respectively.

The initial share capital of the JV is not expected to exceed US$1 million ($1.4 million), while the entity will have an authorised capital of US$50 million.

Under the agreement, XML Engineering will subscribe for 50% of the equity interest for a cash consideration of US$500,000, while the other two companies will subscribe for their respective 25% stakes at US$250,000 each.  

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