General Storage Company (GSC), a wholly-owned subsidiary of Singapore Post, is setting up a new joint venture company with Keiyo Butsuryu, to meet the rising demand for self-storage in Japan.
The company, Japan Self Storage Company Limited (JSSCL), will be 60 percent owned by GSC, while Keiyo will subscribe for the balance 40 percent of shares.
Helen Ng, CEO of GSC, said: Japan is an important market for us. Working together with Keiyo Butsuryu, we will be providing self-storage under the Private Box brand. Given the high population density and income per capital in Japan, we believe there is a growing market and customer demand that we can collaborate to satisfy.
The deal is being funded through the company's internal resources and is not expected to have any material impact on the net tangible assets or earnings per share of the company for the financial year ending 31 March 2016.
GSC operates Lock+Store Singapore and Malaysia, Store Friendly Singapore and The Store Hong Kong.
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