UPP

UPP: Entered into a share purchase agreement with Mandalay Myotha Industrial Development Public Company (MMID) to acquire 16.7% of shares in its wholly-owned subsidiary MMID Urban Development. The share purchase is part of the agreement whereby UPP and MMID will jointly develop an industrial park and jetty port in the Mandalay region of Myanmar. Under the joint venture, MMID will contribute land development rights valued at US$150m, while UPP will be given the option to gradually invest up to an aggregate sum of US$175m to acquire up to 70.0% of the equity interest in the JV Co. MMID is the master developer responsible for the development of Myotha Industrial Park (MIP), a large scale mixed-use industrial park covering 10,353 acres, and Semeikhon Port, a jetty port along the Ayeryarwady River, covering 380 acres. UPP believe MIP is a logical site for a modern industrial park, catering to both industry as well as commercial and residential uses.