The Myanmar Investment Commission has approved a spate of investments from Diamond Dragon Co Ltd, Singapore’s Fraser & Neave and US coffee chain Starbucks.
Diamond Dragon to invest over $38m in edible oil, plastic facility
Diamond Dragon Co Ltd, which is into production, import and distribution of edible oil, has received approval from the Myanmar Investment Commissin to set up a new manufacturing plant for K34.2 billion ($25.64 million), according to an official from the department.
The company, which has a plant in Hlaing Tharyar, Yangon, is into production of peanut oil and marketing under the brand, DD peanut oil.
Diamond Dragon is also planning to set up a plant to produce plastic products at South Dagon Myothit township in Yangon. The manufacturing of the plastic products has recently received the approval to invest K16.7 billion ($12.5 million).
Singapore F&N JV, Emerald Brewery to invest $65m in beer production
Singapore’s Fraser & Neave, the previous shareholder of Myanmar Brewery, has secured approval to invest $65 million in the beer production and distribution in the local market.
In December 2017, Fraser and Neave (F&NI) announced the joint venture with Than Lwin Aye Yar Industrial Production & Construction Co Ltd, to explore beer production in Myanmar.
A new company, Emerald Brewery Myanmar Ltd, will see F&NI take 49 per cent stake and Than Lwin Aye Yar Industrial taking a 51 per cent stake. The beer manufacturing facility will be at Hlegu township, Yangon. The construction is expected to be completed by 2020.
Starbucks coffee chain gets approval for operations
US coffee chain Starbucks is set to open its first outlet in Yangon after it received approval to invest in Myanmar.
The coffeehouse company, which has more than 24,000 outlets across 75 markets, will invest as a wholly foreign owned company under the name Coffee Concepts (Myanmar).
Other coffee chains that are keen to expand in Myanmar include The Coffee Bean & Tea Leaf (CBTL) franchise, Singapore Mainboard-listed Singapore Myanmar Investco Limited and California-headquartered International Coffee & Tea. Australia’s Gloria Jeans is also present in Yangon with its franchise outlets operated by local company Seezar Soesan.