KUALA LUMPUR, 10 May – Bison Consolidated Berhad (“Bison” or the “Group”), yesterday announced that its wholly owned subsidiary Bison Stores has entered into a Management Agreement (“MA”) with SMI Retail Pte Ltd (“SMI Retail”), a wholly-owned subsidiary of Singapore Myanmar Investco Limited, a company listed on the Singapore Stock Exchange (“SGX”) to operate two (2) press and convenience retail outlets in Myanmar under its main brand name myNEWS.com. (“The Business”).
The MA appoints Bison Stores as the independent consultant to provide management services and advisory support in relation to The Business in Myanmar for an initial period of five (5) years and is renewable for a further period of five (5)years upon mutually agreed terms. In return, Bison Stores is paid a percentage of the gross revenue or a monthly management fee, whichever is higher.
“This exciting collaboration kicks start our first business venture outside of Malaysia. I believe that the collaboration will enable the two entities to leverage on each other’s expertise and resources in the press and convenience retail industry in Myanmar,” commented Dang Tai Luk, Group Managing Director of Bison.
“We are excited to take our experience outside the country to an emerging economy that has great potential for growth. It fits our expansionary appetite and plan for revenue and profit enhancement”, said Dang.