Premium Distribution, Trust Venture ink JV to acquire Myanmar PAT’s business
Jul 23, 2018
PAT Shareholding Pte Ltd.
July 23, 2018
Myanmar-based Premium Distribution has formed a joint venture with financial advisory Trust Venture Partners (TVP) to acquire the vegetable growing business of Myanmar PAT Co Ltd, a subsidiary of Singapore-based PAT Shareholding Pte Ltd. The new joint venture – in which Premium Distribution holds majority stake – will acquire Provide Advanced Technology (PAT), which is engaged in hydroponic cultivation of organic salad and vegetables and sells under the brand name, UniVege, in partnership with retailer City Mart. UniVege is currently available at all five Marketplaces and 10 additional City Marts with a range of various salad combinations including Japanese, Korean, Greek packs, sold in the range of K2000 to K3000. “UniVege captures a new growing market demand for organically grown vegetables. It arises from growing concerns over unregulated chemical use,” according to the company announcement. Post acquisition, Premium Distribution will concentrate on leveraging UniVege sales through its B2B and B2C networks. Set up in 2003, Premium Distribution is led by Soe Moe Thu, who is also the co-CEO of City Mart Holdings Co ltd.
PAT Shareholding Pte Ltd is led by CEO Wataru Aoki and CTO Masamichi Hasegawa, who is also the representative director of Myanmar PAT Co Ltd. Premium Distribution has previously invested a six-digit sum in homegrown food delivery startup Food2U. In 2016, Premium Distribution joined hands with Singapore-based Sia Huat to bring some of the world’s top brands in the food and beverage, hospitality and travel industry to the country. Meanwhile, Trust Venture Partners participated in a six-digit Series A in content startup Myanmar Online Creations. Also Read: