SINGAPORE (Apr 4): Singapore Myanmar Investco (SMI) says wholly-owned subsidiary, SMI F&B, has partnered Pinnacle Myanmar to incorporate a Singapore joint venture company, SMI Pinnacle.

SMI F&B will invest US$102,000 ($133,690) for a 51% stake in SMI Pinnacle.

As part of the JV agreement, SMI Pinnacle will run the business of Jones the Grocer, a restaurant and food retailing concept, in SIngapore.

SMI and Pinnacle Myanmar will also use SMI Pinnacle to enter into an exclusive franchise agreement with Clear Bay, the master franchisee of Jones the Grocer in Myanmar.

The group intends to fund the investment though internal resources.

Shares in SMI closed at 34 cents on Wednesday.