Malaysian chemical products distributor Samchem Holdings Bhd plans to expand to Myanmar to tap into the Southeast Asian country’s sizeable population.
The company’s chairman, Ng Thin Poh, said the company is in the middle of executing some ground works and is talking to bankers and companies there to set up a distributing operation, Malaysian media reported.
The expansion is in line with the company’s vision to become a leading industrial chemical distributor in the Southeast Asian region.
“Internally, we have discussed Myanmar for quite some time now. It is a market with a significant population and growing economy. Myanmar is also a politically stable country,” he told reporters.
Samchem currently has a presence in Indonesia, Vietnam and Singapore, and is targeting to raise revenue contribution from overseas operations to 50 percent by 2018 from the current 34 percent.
The company started operations in Cambodia early this year and is targeting the first revenue contribution towards the group’s revenue by financial year ending Dec 31, 2015.