SINGAPORE (Aug 23): HG Metal Manufacturing’s wholly-owned subsidiary, HG Metal Investments, has acquired a majority 51.04% stake in Myanmar-based joint venture (JV) company, First Fortune International, from Fortune Peak Investments for US$95,700 ($131,147).

The transaction will reduce Fortune Peak’s stake in First Fortune to 28.96%, with 20% of the remaining shares held by YNJ Engineering, a provider of aluminum and glass façade installation services in Myanmar.   

Upon completion of the acquisition, HG Metal will subscribe for a total of US$11.3 million additional shares in the JV company together with Fortune Peak and YNJ.  

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