Singapore-based communications network company Ntegrator International Ltd announced that it has received a temporary certificate of incorporation and form of permit from the Myanmar government for the incorporation of an indirect wholly-owned subsidiary in the Southeast Asian country.
Ntegrator Myanmar will have a paid up capital of K500 million, divided into 500,000 shares of K1,000 kyat. The company has up till January 30 next year to complete the registration and incorporation of Ntegrator Myanmar, it said in an announcement.
This latest development enables Ntegrator Myanmar to directly apply for licences to import equipment.
“The establishment of Ntegrator Myanmar is a strategic initiative by the company to capture new business opportunities, especially in the private sector,” Ntegrator said in its release.
The growing foreign investments and demand for infrastructural upgrade in Myanmar has drawn significant interest from global enterprises. The establishment of a local subsidiary will give Ntegrator a competitive edge in harnessing these new business opportunities, the company said.
The company had also recently signed reseller agreements with new and existing vendors for the distribution of equipment to the Myanmar market.
Ntegrator is currently also in the process of finalising distributorship agreements with several other key suppliers to offer a full suite of enterprise solutions in Myanmar.
According to a recent report by McKinsey Global Institute, Myanmar may attract as much as $100 billion in foreign direct investment over the next two decades. An International Monetary Fund report in May 3 also said that Myanmar’s economy may grow 6.75 percent in 2013.
Jimmy Chang, managing director of Ntegrator, said, “We are excited to have received the relevant certification and permit, enabling the group to independently and directly pursue business opportunities within emerging Myanmar.
“Over the past decade, we have established strong business links as well as a credible track record in Myanmar, and we believe this milestone development will give us a sharper competitive advantage for stronger growth.”
Since its inception in 2002, Ntegrator has participated in communications, network and infrastructure projects in Myanmar.
“We believe that the work that Ntegrator has consistently delivered for customers both in Myanmar and the region augments our capabilities and enhances the group’s competitiveness. With growing foreign investments into Myanmar’s infrastructure, the establishment of Ntegrator Myanmar is timely, putting us in a stronger position to participate in both private and public sector opportunities in Myanmar,” Mr. Chang concluded.
The above mentioned developments are not expected to have any material impact on the group’s financials, net tangible assets per share and earnings per share for the financial year ending December 31.
Ntegrator’s core businesses include the design, installation and implementation of data, video, fibre optics, wireless and cellular network infrastructure as well as voice communication systems. Established in April 2002, the group provides project management services as well as maintenance and support services.
Ntegrator has operations in Singapore, Vietnam and Thailand.