Umios has moved to enter Southeast Asia’s pet-food market through a deal for 51% of Malaysia’s Pet World International.

The Japanese seafood giant, formerly known as Maruha Nichiro, has a presence in wet cat food, selling to east Asia, North America and Europe.

The acquisition of a majority stake in Pet World International (PWI) will see Umios enter Southeast Asia and expand its range to dry dog food.

Umios, which is paying Malaysian conglomerate Wah Kong Corporation Y11.4bn ($$70.4m) for the stake in PWI, described Southeast Asia as the “fastest-growing pet-food market” in Asia. The company pointed to the Philippines and Thailand, where it said sales are growing at a compound annual growth rate of 10%.

In a stock-exchange filing, Umios said PWI has a “strong brand position” in Malaysia. Without disclosing figures, the company added PWI “holds the number two market share” in the dog and cat pet food market in Malaysia.

In the 12 months to the end of September last year, PWI generated net sales that translated to Y12.4bn, Umios said. Its net sales are growing at a CAGR of 11.3%, the company added.

Pet food sits within Umios’s Processed Foods division. When the company reported its results for the year to 31 March last month, the company said its pet-food sales “remained strong”, although exchange rates and input costs weighed on profits.

PWI will make use of the “procurement capabilities” of Umios’s Marine Resources Business division to buy ingredients, the new investor said.

In a presentation on the company’s results, Umios indicated plans to invest further in pet-food production and M&A over the next two financial years. The company described pet food as “a key growth driver”.