Hanwa Kogyo Co., Ltd. announced yesterday that it has signed a transfer agreement with HG Metal to acquire 10% of the stocks of Myanmar’s largest rebar processing company First Fortune International (FFI) through its consolidated subsidiary Hanwa Singapore.
FFI is the biggest steel rebar fabricator, with cut, bend, and fabrication facility, with capacity of 50,000 MT pa and has site area of 18,500 m², located in East Dagon Industrial Zone in Yangon city, Myanmar.
HG Metal is a leading steel distributor and processor in Southeast Asia, listed on the Singapore Exchange (SGX), who holds 51.04% of FFI shares. The company processes 100,000 MT of rebar annually in Singapore and is partially funded by Hanwa Kogyo.
In the rapidly developing Myanmar market, construction demands for hotel, house, commercial facilities, and infrastructure are excellent, and most are designed with reinforced concrete structure.
To improve reliability of steel rebar fabrication on construction site, and to avoid construction delay by long rainy season, are the main subject to be solved.
Introducing the experience and the know-how of steel rebar fabrication of both the companies, they aim to provide same quality of services as in Japan/Singapore to Myanmar market.
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