Fashion
Bison Consolidated Bhd is expanding its myNEWS.com press and convenience retail brand to Myanmar via a management agreement (MA) with Singapore-based SMI Retail Pte Ltd.
In a filing with Bursa Malaysia yesterday, Bison said its wholly owned subsidiary Bison Stores Sdn Bhd has signed the MA with SMI Retail, a wholly owned subsidiary of Singapore-listed Singapore Myanmar Investco Limited.
SMI Retail intends to establish two myNEWS.com outlets at the new terminal of Yangon International Airport and has agreed to enter into the MA to appoint Bison Stores as the independent contractor to provide management services and advisory support.
Under the MA, Bison Stores agrees to grant SMI Retail a revocable, non-exclusive, non-transferable license to the proprietary business format and retail management and control system developed by Bison Store.
The MA is valid for five years and is renewable for a further five years upon mutual agreement. SMI Retail’s right to use the Intellectual Property Right is derived solely from the MA.
If required, SMI Retail will provide assistance in obtaining registration of any trademarks or other intellectual property rights need in Myanmar.
SMI Retail will also pay Bison Stores a minimum monthly management fee or a percentage of the gross revenue of the business, whichever is higher. All salaries, remuneration, related expenses and costs of secondment of the outlet management and support staff will also be borne by SMI Retail.
The MA is subject to approval of any other relevant authorities or any other third parties with respect to the implementation of the MA, if required.
