|Venture aims to provide Japanese quality medical care and help improve healthcare standards in Myanmar |
TOKYO, Mar 28, 2017 - (JCN Newswire) - Mitsubishi Corporation (MC) has agreed to form a hospital management joint venture in Myanmar with plans to open a general hospital in Yangon in 2020. MC will hold a 30% equity share in the joint venture, while Yee Shin Holdings (Yee Shin) and Capital Diamond Star Group (CDSG) will share the remaining 70%.
MC's involvement in the field of healthcare primarily through the distribution and sales of medical devices and supplies, but the company regards hospital management as a growth field over the medium- to long-term. This project is a first step in pursuit of this area, aiming to engage in hospital management in fast-growing Myanmar. In Myanmar, many people travel abroad to receive medical services in neighboring countries such as Thailand and Singapore. The new joint venture will construct a 300-bed general hospital in Yangon, equipped with the capacity to provide high quality medical care. Leveraging CDSG's diversified business network in Myanmar, the hospital will be constructed in the integrated development complex "Capital City"(2). Yee Shin will provide hospital management expertise, developed through its management experience of two hospitals in Mandalay.
MC will complement CDSG and Yee Shin's strengths by bringing in Japanese quality medical care to the joint venture. The joint venture aims to realize safe, high-quality healthcare services locally in Myanmar, contributing to the overall improvement of medical standards in the country.
Exterior Design of the New Hospital (Image)
(1) MC and CDSG have collaborated in other joint ventures together, including the food manufacturing and distribution company, Lluvia Limited.
(2) "Capital City" is an integrated development complex in Yangon managed by Capital Development Limited, a member of CDSG, and includes the construction of a shopping mall and condominium complex.
1. Overview of Mitsubishi Corporation
Location: 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan
Year Established: 1950
Areas of Business: MC is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.
Number of Employees: 68,247 (consolidated, as of March 2016）
Representative: Takehiko Kakiuchi, President and CEO
2. Overview of Yee Shin Holdings
Location: Mandalay, Myanmar
Year Established: 1990
Areas of business: Yee Shin Holdings operates two general hospitals in the Mandalay region and engages in businesses associated with the healthcare industry, such as the manufacturing, distribution and retail of hospital supplies, medical equipment and pharmaceutical products, among other businesses.
Number of Employees: Approx. 1,400
Representative: U Maung Maung, Chairman
3. Overview of Capital Diamond Star Group
Location: Yangon, Myanmar
Year Established: 1960
Areas of business: CDSG is engaged in a number of different sectors in Myanmar including food, manufacturing and distribution, agribusiness, retail, real estate, healthcare, and financial services, amongst other investments. The JV will build the hospital in Yangon's "Capital City," an integrated complex developed by Capital Development Limited, a member of CDSG.
Number of Employees: Approx. 6,500
Representative: U Ko Ko Gyi, Managing Director
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Mar 28, 2017 09:19 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
Sectors: Real Estate
From the Asia Corporate News Network
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