Malaysian firm signs $5.6m Thilawa lease

One of Malaysia’s biggest packaging companies has unveiled plans to establish a factory at the Thilawa special Economic Zone on Yangon’s southeast outskirts, media reports said last week.

Corrugated carton maker Box-Pak signed an agreement with Myanmar Japan Thilawa Development Ltd on December 29 to sublease a 74,830 square-metre (18.5 acre) plot in the SEZ until June 2064, the Star Online reported.

It said the total payment for the agreed term, based on US$75 a square metre, was $5.6 million.

Box-Pak is a subsidiary of the Kian Joo Can Factory, which told Bursa Malaysia in a filing it wanted to broaden its revenue base by tapping into new and existing markets in Myanmar.

Box-Pak, which has operations in Hanoi and Ho Chi Minh City in Vietnam, has ambitions to expand its regional presence, the Star Online reported.

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