S. Korea’s Lotte takes 80% stake in Myanmar's L&M Mayson
SEOUL, NNA – South Korean conglomerate Lotte Group will acquire an 80 percent stake in Myanmar food maker L&M Mayson Co. for 76.9 billion won ($67.5 million), cashing in on one of the fastest growing economies in Southeast Asia.
The Myanmar firm has three factories, 12 branches and logistic bases at 10 locations, as well as a sales network across the country, the Lotte group said.
Myanmar is the third Southeast Asian market for the group to expand into.
Lotte Co., a confectionary manufacturing unit of the group, forayed into Vietnam in 2007, and established a sales unit in Singapore in 2011.