TA Corporation subsidiary strikes joint venture with Synergy Resources

New business involves petroleum fuels and lubricants in Myanmar.

In a disclosure to the Singapore Exchange, TA Corporation announced that ts subsidiary, Sino Holdings (S’pore) Pte Ltd (“Sino Holdings”) will joint venture with Synergy Resources Group Pte. Ltd.(“Synergy Resources”) to pursue the business in the sale and distribution of petroleum fuels and lubricant in Myanmar.

"With established business networks in Myanmar, Synergy Resources through the joint venture with the Group in Que Holdings, will complement the Group’s strengths in the lubricant business and spearhead its expansion into the Myanmar market," said TA Corporation on why it chose Synergy Resources.

Que Holdings Pte. Ltd. (“Que Holdings”), a dormant and previously wholly-owned subsidiary of Sino Holdings is used as the joint venture company. Que Holdings has increased its share capital from S$1.00 to S$1.5 million by the issuance of 1,499,999 ordinary shares for S$1,499,999 in cash. Sino Holdings has subscribed for additional 764,999 ordinary shares for S$764,999 and Synergy Resources has subscribed for 735,000 shares for S$735,000. Accordingly, the Group’s resultant equity interest in Que Holdings is 51% and Synergy Resources holds the 49% 

TA Corporation added that the Group’s increased investment in Que Holdings was funded by the Group’s internal resources and is not expected to have any material impact on the consolidated earnings per share and net tangible assets per share of the Group for the financial year ending 31 December 2012.