Bison Expands myNEWS.com To Myanmar

KUALA LUMPUR, May 10 (Bernama) -- Press and convenience retail group, Bison Consolidated Bhd (Bison), via its wholly-owned subsidiary, Bison Stores, will operate two press and convenience retail outlets in Myanmar under its main brand name myNEWS.com. The group has entered into a management agreement with SMI Retail Pte Ltd (SMI Retail), a wholly-owned subsidiary of Singapore Myanmar Investco Ltd, a company listed on the Singapore Stock Exchange (SGX). "This exciting collaboration kicks start our first business venture outside of Malaysia," said Group Managing Director Dang Tai Luk in a statement. He said the collaboration would enable the two entities to leverage on each other’s expertise and resources in the press and convenience retail industry of Myanmar. Under the agreement, Bison Stores would be appointed the independent consultant to provide management services and advisory support in relation to the business in Myanmar for five years. In return, Bison Stores would be paid a percentage of the gross revenue or a monthly management fee, whichever is higher. -- BERNAMA