KUALA LUMPUR (May 9): Bison Consolidated Bhd, the operator of the myNEWS.com convenience store chain, has licensed its brand to a third party to establish outlets in Myanmar.

The newly listed company said its wholly-owned subsidiary Bison Stores Sdn Bhd has entered into a management agreement (MA) with Singapore-based SMI Retail Pte Ltd.

SMI is a wholly-owned subsidiary of Singapore Myanmar Investco Ltd, a company listed on Singapore Exchange Ltd.

SMI intends to establish two myNEWS.com retail outlets at the new terminal of Yangon International Airport.

"SMI has agreed to enter into the MA to appoint Bison Stores as independent contractor to provide management services and advisory support in relation to the business in the manner and on the terms and conditions of the MA," Bison said in a filing to Bursa Malaysia today.

In return, SMI will pay Bison Stores a minimum monthly management fee or a percentage of the gross revenue of the business, whichever is higher; while all salaries, remuneration, and all related expenses and costs will be borne by SMI.

Under the MA, Bison Store has agreed to grant SMI a revocable, non-exclusive, non-transferable licence to the business management format and control system the former has developed in Malaysia.

The MA is valid for five years and may be renewed for another five years upon mutual agreement.

Bison shares traded unchanged at RM1.14 today, giving it a market capitalisation of RM350.38 million.