Lotte Confectionery has secured the acquisition of a majority stake in Myanmar bakery business L&M Mayson, adding food manufacturing to its interests in the country.

The South Korea-based business has bought 80% of bread and biscuit maker L&M Mayson for KRW77bn (US$69.2m).

Set up in 1996, L&M Mayson makes biscuits, bread and cake. It has three factories, 12 sales offices, 10 distribution centres and sales network in Myanmar, Lotte Confectionery said in a statement.

Lotte Confectionery described Myanmar as “a key hub for south-east Asia that links China and India, with annual growth rates of more than 7%”. It also pointed to the “growth” in the purchasing power of Myanmar’s population of 52m people.

Lotte Confectionery has had foodservice outlets in Myanmar since 2013. It also has a drinks venture in the country.

Lotte Confectionery, a publicly-listed part of the South Korean Lotte conglomerate, has a range of interests in international markets, including Belgium-based chocolate maker Guylian and Indian ice-cream firm Havmor.

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