South Korea based Lotte has bought 80 per cent stake worth US$69.2 million from L & M Mayson and the ceremony to mark the stake selling was held at Lotte Hotel in Yangon on January 30.

The Lotte Confectionery entered the food industry of Myanmar by acquiring L & M Mayson, which owned the lion’s share of the food market.

L & M Mayson was founded in 1996 and produced bread, cake and biscuits. It has three factories, 12 branches, ten distribution departments and sales networks.

The Lotte Confectionery was established in 2013 and is doing joint-venture businesses with other companies.

The Lotte Confectionery is a subsidiary company of Lotte Conglomerate and they made investments in international companies including Guylian, a Belgium chocolate manufacturer and Havmor, an Indian based ice cream manufacturer.

The owner of L & M Mayson is Kyi Soe and he is well-known in business community. He owned stakes in many companies. The main product of the company is Good Morning bread and other brands are Garden, Morning Sun, Smile, Monte, Amico, Fresko, Voila and Bonjour.