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Singapore Myanmar Investco signs deal to develop The Coffee Bean & Tea Leaf brand in Myanmar
MAINBOARD-listed Singapore Myanmar Investco (SMI) announced on Monday that it has secured an exclusive deal to set up and develop The Coffee Bean & Tea Leaf (CBTL) brand in Myanmar, expanding its arrangement with the coffee chain.
Under the agreement, SMI will expand the CBTL brand across Myanmar, with the first CBTL outlet opening under the deal scheduled for the first quarter of 2018.
SMI already operates two outlets within Yangon International Airport, describing both as having "performed well with encouraging results".
The group focuses mainly on developing businesses such as travel and fashion retail, food and beverage, and auto services in emerging South-east Asian markets, with a focus on Myanmar.
Mark Bedingham, president and chief executive of SMI, said that CBTL has a strong brand and quality values which the group intends to develop into a solid business foundation in Myanmar.
"Aligned with the growing consumer market in Myanmar, our local market knowledge and operational experience gives us confidence as we further entrench our F&B business presence in this frontier market," Mr Bedingham added.
SMI characterised the partnership as forming a strategic part of the group's food and beverage portfolio which includes Ippudo and Crystal Jade.
The group's counter ended flat on Monday at 33.5 Singapore cents before the deal was announced.