[THE INVESTOR] Lotte Confectionery said on Feb. 1 that it has acquired Myanmar’s bakery firm L&M Mayson.
The Lotte Group subsidiary has bought 80 percent stake in the company for 77 billion won (US$68.90 million) as it plans to expand in the country.
Established in 1996, L&M Mayson has three factories, 10 logistics centers and 12 sales branches in the Myanmar. With total sales of 35 billion won in 2017, it is the biggest confectionery firm in the country.
Min Myung-ki (left) shakes hands with former L&M Mayson CEO Teo Mayson at the acquisition ceremony.
“Myanmar a strategic location that links China and India and its economy is growing 7 percent on average each year,” a company official said.
“With a population of 52 million, it is a land of new opportunities.”
Lotte Group first entered the country in 2013 by opening its fast-food chain Lotteria. The next year, it launched a joint venture with MGS Beverage.
By Park Ga-young (email@example.com)