Japan brewer Kirin to exit Myanmar, seek sale of two units
TOKYO :Japanese beverage maker Kirin Holdings said on Monday
it would withdraw from its business in Myanmar and terminate its joint venture
with a military-linked partner.
Kirin has been in a dispute with local partner Myanma
Economic Holdings Public Company Limited (MEHPCL) on how to wind-down their
brewery venture following a military coup against the democratically elected
government last year.
Even so, company executives previously said they wanted to
remain in the Myanmar market.
The company will now seek to sell two business units in the
country, Myanmar Brewery Ltd and Mandalay Brewery Ltd, a spokesperson said.
In its withdrawal, Kirin said it "will place importance
on the livelihood and safety of local employees," who number about 1,450
between the two units.
Separately, Kirin said it would buy back up to 3.6per cent of its shares worth 50 billion yen ($433.31 million).
($1 = 115.3900 yen)
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