PhoMein, a rice noodle brand operated by Dailyking Co., has signed a contract with Mongolian real estate developer UA Properties LLC on December 30 to accelerate its entry into the Mongolian market.
UA Properties LLC is a company that has conducted commercial and residential development projects primarily in Ulaanbaatar, Mongolia, and maintains networks in overseas markets including Dubai, the Philippines, and Australia.
Through this agreement, PhoMein plans to expand its business in Mongolia in phases, starting with its first store in Ulaanbaatar.
Dailyking Co., the operator of PhoMein, said the deal holds "significant strategic importance in that we have officially partnered with a highly trusted developer in Mongolia."
In particular, UA Properties LLC's proven execution capabilities and expansion capacity, built through numerous real estate development projects, are expected to serve as a foundation for future business expansion into the Middle East, Southeast Asia, and Australia.
Meanwhile, Dailyking Co. is designated as a returning company by the Ministry of Trade, Industry and Energy. On November 3, the company signed a memorandum of understanding worth 54.1 billion won ($40 million) with Seocheon County in South Chungcheong Province to build a production factory on a 12,157-square-meter site within the Janghang National Eco-Industrial Complex.
The facility is targeted to break ground in 2026 and will be Korea's first smart rice noodle factory, producing noodles and rice paper products directly.
Based on its new production hub, PhoMein is accelerating expansion into Asian and Oceanian markets including Southeast Asia, Japan, Singapore, and Australia. The company has presented a mid-to-long-term vision to lead the global rice noodle market, which has grown to approximately 5 trillion won.
The contract with UA Properties LLC is expected to serve as a bridgehead for PhoMein to leap into the global market beyond Asia.
"This partnership with PhoMein is an important strategic starting point that will lead new growth in Mongolia's food service market," said Urangoo Altangerel, CEO of UA Properties. "The capabilities of both companies will create synergy and generate sustainable market value."