Razer co-founder and director Lim Kaling pulls out of Myanmar joint venture
9 Febuary 2021
RAZER Inc co-founder and director Lim Kaling is selling his one-third stake in a joint venture that owns RMH Singapore Pte Ltd, a Singapore-based tobacco company which in turn owns 49 per cent of Virginia Tobacco Co Ltd (VTCL), the military-linked market leader in Myanmar's tobacco market.
In a statement released early Tuesday, Mr Lim said he had been closely monitoring the situation in Myanmar and recent events there caused him "grave concern".
"As a result, I have decided to exit my investment in Myanmar, disposing of my one-third stake in the joint venture that owns RMH Singapore Pte Ltd.
"I am therefore exploring options for the responsible disposal of this stake," he said, adding that it is his only remaining investment in Myanmar, initiated nearly three decades ago under a very different circumstance.
"Through this venture, we had hoped to help the country spur economic growth, create jobs and raise standards of living," he said.