MANILA, Philippines - The Splash Group of Dr. Rolando Hortaleza is planning to dip its fingers into Myanmar’s food industry through a possible tie-up with the Dagon Group of Companies, one of Myanmar’s biggest business conglomerates.
In a statement issued over the weekend, Splash said subsidiary Splash Foods Corp. is exploring opportunities in Myanmar’s burgeoning economy.
Splash is now holding talks with the Dagon Group, which has interests in real estate development, construction, timber, agriculture and plantation and hospitality and retail business, to help the Hortaleza-owned company establish a strong presence in Myanmar. The group is keen on the meal solutions segment of the market.
“Splash will continue to establish stronger corporate relations with the Myanmar business community. We look forward to expanding our business in Myanmar, as well as other Asian countries,” Hortaleza said.
Splash, a homegrown personal care manufacturing company, ventured into the food business when it acquired a controlling 80 percent of the food manufacturing arm of Barrio Fiesta in 2011.
Barrio Fiesta offers several products such as sautéed shrimp paste, ready-to-eat canned goods, sauces (including white vinegar, fish sauce, soy sauce and lechon sauce), fruit preserves and other condiments.
Splash Foods aims to become a major player in the food industry through the expansion of food lines. It also hopes to capitalize on the group’s marketing and distribution capabilities in certain countries.
The company plans to launch various food products here and abroad over the next 12 to 24 months.
Splash Foods recently approved the purchase of 100 percent of local firm Moondish Foods for a maximum price of P33 million to boost the group’s food portfolio.
Moondish pioneered the first ever ready-to-eat “laing or taro leaves in coconut cream in can”. It exports to the US, Japan, Europe and Asia.
“This acquisition will save product and market development time for the group. Moondish has existing products that are doing well not only in the Philippines, but also in the international market,” said VenerandaTomas, executive vice president and chief finance officer of Splash.