Myanmar to tuck into KFC next year

A Singapore firm is linking up with New York-listed Yum! Brands to open the first KFC outlet in Myanmar next year.

Mainboard-listed Yoma Strategic Holdings announced the franchise agreement yesterday.

Executive chairman Serge Pun said in a statement that the move "is an important step to achieving Yoma Strategic's goal in being a key player in the country's food and beverage sector".

Mr Pun noted that the country's growing consumer class - forecast to balloon from 2.5 million today to 19 million by 2030 - could "potentially (triple) consumer spending".

"Myanmar should experience a strong growth trajectory. The consumer and retail sector is key to Yoma Strategic's strategy to capture the rapid increase in discretionary consumer spending in the country and KFC is the cornerstone of our business platform in this space."

The statement also noted that KFC, a subsidiary of Yum! Brands, is among "the first handful" of quick-service restaurants that have announced plans to enter the Myanmar market.

KFC is one of the world's largest fast-food restaurant chains, with US$23 billion (S$29 billion) in global sales and more than 18,000 outlets in 118 countries.

Yoma Strategic entered Myanmar's fast-moving consumer goods sector in January when it acquired a stake in Asia Beverages Co.

Last year, the firm, which also has real estate, agriculture, automotive and luxury tourism businesses in Myanmar, opened the country's first international department store, Parkson, at FMI Centre.

This article was first published on Oct 14, 2014.
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