A 2.2-megawatt power plant and two rice mills opened in Kyaiklatt Township, Ayeyawady Region, on May 15.
The Myanmar Agribusiness Public Corporation (Mapco) and six shareholders under the Golden Lace Company jointly operate the firms with a 55:45 ownership ratio.
The Mapco Golden Lace has gained licences from the Myanmar Investment Commission. Phase 1 of the plans include a steam-powered power plant and two rice mils.
Factories to produce cooking oil, animal foods, noodles and vermicelli are to be introduced in phase 2.
The Mapco Golden Lace invested Ks12.1 billion (US$8.9 million) in the factory, which spans 30 acres.
The company expects to initiate contract farming with local farmers and produce farming machines as well as chemical fertilisers.
The company has an integrated rice complex project and an Agribusiness Services Centre in Nay Pyi Taw.
Mapco was founded in 2012m and currently boasts over 1,400 shareholders.
Translated by Nay Thiha