AMATA Enters a Joint Venture with Myanmar to Develop Smart&Eco City in Yangon

Amata Corporation Public Company Limited (AMATA) in refer to the approval of the Board of Directors’ Meeting on August 14, 2018 to invest in developing Smart & Eco City and Industrial Estate in Yangon, Myanmar, AMATA would like to inform the progress of the project that on January 24, 2020, the subsidiary Amata Asia (Myanmar) Limited has entering into the Joint Venture Agreement with the Department of Urban and Housing and Development, Union Ministry of Construction, Republic of the Union of Myanmar (DUHD).

AMATA and DUHD have signed an agreement to jointly operate the project on August 22, 2019. The project aims to develop utilities, logistics and service businesses in Smart & Eco City and Industrial Estate in Yangon Region.

On August 14, 2019 AMATA approved to increase the capital of Yangon Amata Smart and Eco City Limited (YASEC) to $2,000,000.

DUHD will hold 500,000 shares ($1/share) equivalent to 20% of total shares of YASEC as the equity in kind of long-term land lease agreement and Amata Asia (Myanmar) Limited will hold 2,000,000 shares or 80% of total shares of YASEC.