Singapore-based Yoma Strategic Holdings Ltd (YSH) announced on Wednesday that it will operate Volkswagen’s first service centre in Yangon later this month.
The centre is being operated by YSH’s 70-percent-held subsidiary, German Car Industries Company (GCI), which has entered into a service partner agreement with Volkswagen Aktiengesellschaft (VW) to launch its service centre in the Southeast Asian country.
It will provide maintenance and repair services for Volkswagen branded vehicles, including the sale of genuine vehicle parts to existing vehicle owners. This non-exclusive service partnership with VW underlines YSH’s strategy to bolster its automotive operations in Myanmar.
“The addition of Volkswagen to our automotive portfolio strengthens our position in the country’s burgeoning automotive industry,” Andrew Rickards, YSH’s chief executive officer, said on Wednesday. “Seizing such opportunities is especially important, since Myanmar has the potential to become one of the most important automobile markets in the ASEAN region following the deregulation of the importation of cars.”
Volkswagen is the original and top-selling brand of the Volkswagen Group, the biggest German automaker and the third largest automaker in the world. Volkswagen has three cars in the top 10 list of best-selling automobiles of all time compiled by the website 24/7 Wall St: the Volkswagen Golf, the Volkswagen Beetle, and the Volkswagen Passat. Volkswagen is one of the leading small diesel engine manufacturers, partnering with Mercedes and other companies to market BlueTec clean diesel technology. According to the United States Environmental Protection Agency, four of the 10 most fuel-efficient vehicles available for sale in the U.S. are powered by Volkswagen diesel engines.
Listed on the main board of Singapore Securities Exchange Trading Limited (SGX-ST), YSH is a leading business corporation with real estate, agriculture, automotive and luxury tourism businesses in Myanmar and the People’s Republic of China. YSH is taking a conglomerate approach to build a diversified portfolio of businesses in Myanmar together with its partner, Serge Pun & Associates (SPA Group).
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