June 4 - Singapore headquartered Tiong Woon Corporation Holding (TWCH) has incorporated its wholly-owned subsidiary in Myanmar - Tiong Woon Myanmar Company Limited (TWMCL).
The registered capital of TWMCL is USD451,890 and comprises 500,000 shares valued at USD0.90 each.
Under its incorporation TWMCL will provide marine services and heavy machinery rental. Agency business, technical, consultancy and advisory services will also be delivered. TWMCL will undertake feasibility studies on new projects, as well as project formulation, appraisal and evaluation. It will also be responsible for installation, maintenance and renovation services for electrical and electronic goods.
The new investment was funded from TWCH internal financial resources and is not expected to impact the group's consolidated net assets or earnings per share in the current financial year.