Japan’s Sumitomo Corporation will act as financial partner for the Yangon Central Railway Station Development Project, replacing China’s Sino Great Wall as part of a consortium selected to implement the project, according to U Ba Myint, Managing Director of Myanma Railways.
“Sumitomo approached us as a new investor in the Yangon Central Railway Station project while we were seeking a new partner to replace Sino Great Wall,” he said.
Now, Sumitomo will participate in the project as financial partner. We are expecting to finalise the arrangement between the other partners and seek approval from the government soon, U Ba Myint added.
U Aung Thu Latt, General Manager of Myanma Railways, said the decision to choose Sumitomo came after advise from international consultancies. He added that the original terms and design of the project will remain unchanged.
Sino Great Wall, which is listed in Shenzhen, China, is being replaced due to mounting debt problems arising from its extensive portfolio of projects in the region. Earlier this year, it was investigated by the Chinese authorities for failure to properly update investors about major projects and recording transactions with dubious companies.
Thina Ko Ko