Universal Robina Corp. – which is a food and beverage company based in the Philippines – is all set to invest in Myanmar. The company will be investing $30 million in the country’s consumer food factory, which should become operational by the end of 2014.
Lance Gokongwei, the URC president announced to stockholders at the annual meeting on May 12, 2014 that the company had managed to obtain an investment license in Myanmar and is preparing to establish its own facility in the new country. The new plant will reportedly manufacture confectionery products and biscuits and will cater to the local market.
The Philippine-based company will own 95% of the facility in Myanmar and 5 percent will be owned by a local partner. The recent investment is part of the transformation of URC into a pan-Asean play. Apart from the Philippines, the URC has managed to gain footholds in other countries as well, including Vietnam, Indonesia, Thailand and Singapore. Apart from Asean, the company also has operations in Hong Kong and China.
Universal Robina Corp. has set aside $200 million for capital spending in the financial year which will end in September 2014. Apart from the completion of the new factory in Myanmar, the company will also be spending money on a new creamer factory in central Vietnam.
Photo Credits: Inquirer