Myanmar firms to develop new commercial port in Ayeyarwady
Ever Flow River Public Co (EFR), which is listed on the Yangon Stock Exchange, and Ayeyar Hinthar Holdings (AHH) will cooperate to develop the Ayeyarwaddy International Industry Port (AIIP), EFR announced on August 12.
EFR subsidiary Unison Choice Services will cooperate with AHH to establish A Logistics Co Ltd, which will act as project manager for the AIIP project.
Unison Choice Service will hold a 60pc stake in A Logistics, while AHH will own the remaining 40pc. AIIP will play an important role in facilitating the export of goods manufactured in Myanmar and import of necessary raw materials, construction materials and other accessories. It will also new enable shipping routes that directly connect with local and foreign ports.
Unison Choice Services last year commenced studies for the project, which is located at Pathein Industrial City on the Pathein-Ngaputaw Road near Pathein, Ayeyarwady Region. It will cover 6,700 acres of land.
The port, which will be developed to conform to international standards, will form part of the logistics supply chain for the Pathein Industrial. It will also include warehouses and other infrastructure. When complete, the port will be able to accept commercial shipping liners, EFR said.
EFR listed on the YSX on May 28, amid COVID-19. The company had been scheduled to list in March but this was delayed due to COVID-19. It is the sixth company to list on the local bourse, after First Myanmar Investment Co, Myanmar Thilawa SEZ Holdings, Myanmar Citizens Bank, First Private Bank and TMH Telecom, which listed on the YSX in February 2018.
EFR provides logistics services including shipping, air freight, warehousing, containerisation and distribution. It was founded in 1998 by chair U Kyaw Lwin Oo.
Up until COVID-19, EFR had been developing two major strategic projects. The US$46 million Hlaing Inland Terminal and Logistic Center in Yangon will comprise a logistics centre, bonded warehouse, inland container depot and a seven-storey office building across 40 acres of land. EFR is also building a distribution centre in Mandalay.
Source: https://www.mmtimes.com/news/local-firms-develop-new-commercial-port-ayeyarwady.html