South Korean conglomerate Lotte Group acquires 80 percent of local confectionary L&M Mayson Company, through its subsidiary Lotte Confectionary. According to a report in DealstreetAsia, the deal value is almost US$ 70 million. The article said that L&M Mayson, headquartered in Yangon, made sales of US$ 30.6 million last year, and is best known for brands including Good Morning bread, Cake Boy and O-Mar. Lotte calls the confectionery sector a “new blue ocean market” expecting substantial economic growth in the next few years. One of its imported products, Choco Pie, is already popular in Myanmar. The company also has confectionery operations in neighboring countries including Vietnam and India.
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