Filipino food and beverage manufacturer Universal Robina Corp (URC) is to spend about $30 million to build a production plant in Myanmar this year.
Michael P Liwanag, vice-president for corporate planning and investor relations, said the company, a unit of Gokongwei conglomerate JG Summit Inc, is proceeding with plant construction, according to Philippines media reports.
“We have already finalised the contract with the builder. I think in the coming months, we will start construction,” Liwanag said after the Investment ASEAN 2014 Conference. “Construction will take a minimum of 12 months. It really depends on how fast the builder is.”
He said the facility will initially produce biscuits like Magic Flakes and Cream-O, as well as chips under the Jack N’ Jill brand. The company has set aside $30-million investment for Myanmar, Liwanag said.
The investment will be sourced from URC’s $200-million budget for its capital expenditures this year, he added.