Universal Robina Corp (URC), a Filipino food and beverage company, has announced that it will spend US$ 30 million on building a consumer food factory in Myanmar as part of its regional sales push.

According to reports, URC will hold a 95 percent stake in the venture, with 5 percent held by an unnamed local partner. URC President Lance Gokongwei said that the company has obtained an investment license from the government and that the new factory, which will produce biscuits and confectionery for the local market, will be operational by the end of the year.