FMIDecaux Co., the new joint venture between JCDecaux S.A. (“Euronext Paris:DEC”), its partner First Myanmar Investment Co., Ltd., Myanmar’s first listed company, has won an exclusive 20-year contract with Yangon City Development Committee for advertising street furniture in the city of Yangon (formerly known as Rangoon is the largest city in Myanmar, formerly Burma and has a population of circa 5.2 million).
Jean-Charles Decaux, Co-CEO of JCDecaux said “We are delighted to enter Myanmar thanks to this strategic contract in Yangon, in line with our unique model of organic development in partnership with local companies in faster-growth countries, which now account for 36% of our revenue. Each project is unique and we have tailor-made this offer to bring Yangon the best of our 53-year experience and passion for street furniture. We are totally motivated to enter the long-term partnership, contribute to the beautification of Yangon and its transformation into a smart city as well as offer exceptional visibility to advertisers”.
FMIDecaux of which 60% of the capital is owned by JCDecaux and 40% by FMI, has been selected following Yangon City Development Committee tender, as exclusive operator for advertising bus shelters and City Information Panels (CIPs).
Serge Pun alias U Theim Wai, the Executive Chairman of FMI stated, “With JCDecaux’s industry expertise, our local knowledge as well as shared values of respect, transparency, commitment and shared vision of a great future for Yangon, I’m confident we will achieve and deliver quality street furniture for the city ”.
FMIDecaux will combine JCDecaux’s global expertise in outdoor advertising and street furniture with FMI’s decades of experience in the local Myanmar market.
The first contract in Myanmar covers the design, installation, operation and maintenance of:
- 500 brand new, modern and elegant advertising bus shelters equipped with USB ports and LED screen on the roof with Estimated Time of Arrival display
- 500 City Information Panels will have one advertising face and one face reserved solely for the City for Yangon’s city information
Some City Information Panels will be equipped with battery recycling containers or drinking fountains, and all downtown bus shelters will be replaced within 18 months with installations starting in June 2018.
His Excellency U Phyo Min Thein, Chief Minister of Yangon said, “This contract is a key milestone for Yangon. We are enhancing and improving people’s lives by building a smart city. This alliance between FMI and JCDecaux is a great complement to the improvements we’ve seen after the reforms of the Yangon Bus System, making operations safer and more efficient ”.
His Excellency U Maung Maung Soe, Mayor of Yangon stated, “The contract between YCDC and FMIDecaux is going to take the city of Yangon further and more beautiful as we are enhancing people’s convenience and improving passengers’ commute. With the beautiful street furniture, from bus shelters to City Information Panels, we are not only beautifying Yangon, but making the city innovative. Yangon will be a smart city of the
future ”.
The provision of all street furniture is backed by second-to-none cleaning and maintenance. The whole duration of the project is financed by advertising according to the business model invented by JCDecaux in 1964. This contract will be of no cost to Yangon city or its citizens.
First Myanmar Investment Co., Ltd. is one of Myanmar’s largest public companies with over 8,000 shareholders and an unbroken track record of profitability and dividend payments since inception in 1992. FMI’s current focus is on its ‘three pillar’ strategy of investing in the Financial Services, Real Estate and Healthcare sectors. FMI became the first company to be listed on the Yangon Stock Exchange on 25 March 2016.
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