JMT Network Services (JMT) will form a joint venture, JP Finance Co Ltd, with its partners, to operate a microfinance business in Myanmar according to a 13 August report on dealstreetasia.com.
According to local online news infoquest, the new company starts with a registered capital of 600 billion kyat ($571,428), divided into two million shares with a par value of 300 kyat. JMT will own 1.4 million shares, equivalent to 70 per cent of total registered capital.
Three months ago, JMT set up a wholly-owned subsidiary JMT Plus Co Ltd to specifically run the finance business in Thailand. This Myanmar joint venture is the company’s first expansion of its finance business into other countries.
JMT, which is a subsidiary of the country’s leading mobile phone retailer Jay Mart, plans to access the retailer’s large customer base nationwide, for its new business.
The company is providing four financing products including, personal loans, car leasing, nano finance and hire purchase loans.