APM Automotive Holdings has received approval to construct its new car parts and modules manufacturing plant in Bago, from the Myanmar Investment Commission (MIC).
The permit includes a land lease agreement for 50 years between APM Myanmar and the Bago Region government, and will have the flexibility to extend it for two terms of 10 years each.
While APM Automotive Myanmar Ltd and APM Automotive Indochina Ltd have submitted the proposal for the plant with Bursa Malaysia on 16 October 2013, the company has decided to establish the automotive parts making plant under APM Auto Components Myanmar Co Ltd in a 12ha industrial area.
The company will invest $9m, which will be funded internally and from external borrowings, for the initial outlay that includes construction, purchase of machineries and equipment for the first three years.
Construction of the plant is expected to begin within one year, following the receipt of MIC permit. The company will complete it in three years.
