MANILA, Philippines—Personal care and food group Splash Corp. plans to break into Myanmar’s food industry in alliance with the Dagon group of companies, one of Myanmar’s biggest business conglomerates.
Splash said in a statement that its food subsidiary Splash Foods was working together with the Dagon group to expand its presence in Myanmar.
“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,” Splash chairman and president Rolando Hortaleza said.
The Dagon group is involved in property development, construction, timber business, agriculture and plantation, and hospitality and retail businesses in Myanmar. Splash, for its part, is diversifying from its homegrown personal care manufacturing into the food business.
Splash announced in July its plans to enter Myanmar, considered as a new frontier in Southeast Asia.
Meanwhile, Splash executive vice president and chief finance officer Veneranda Tomas said Splash has approved the acquisition of 100 percent of local firm Moondish Foods Corp. for a maximum price of P33 million to complement the company’s growing food operations.
“Splash will acquire the entire Moondish business, which includes the canning operations. This acquisition will save product and market development time for Splash. Moondish has existing products that are doing well not only in the Philippines, but also in the international market,” Tomas said.
About two-thirds of the output of Moondish is shipped out to North America, the Middle East, Japan and Europe.
Splash ventured into the food business last year when it acquired the food manufacturing arm of Barrio Fiesta. The products under this brand included shrimp paste, sauces, fruit preserves, ready-to-eat canned meals and other condiments.
Founded in 1985, Splash grew from a P12,000 backyard operation into a P4-billion enterprise. For its personal care segment, it carries the brands Extraderm, Maxi-Peel and Skin White as well as one of the fastest-growing skin care brands in the Philippines.