Japan brewer Kirin to exit Myanmar, search sale of two models

The Kirin emblem is displayed at Kirin Brewery Co. Yokohama Manufacturing unit in Yokohama, south of Tokyo, Japan June 11, 2019. REUTERS/Issei Kato

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TOKYO, Feb 14 (Reuters) – Japanese beverage maker Kirin Holdings (2503.T)mentioned on Monday it will withdraw from its enterprise in Myanmar and terminate its three way partnership with a military-linked associate.

Kirin has been in a dispute with native associate Myanma Financial Holdings Public Firm Restricted (MEHPCL) on find out how to wind-down their brewery enterprise following a navy coup in opposition to the democratically elected authorities final yr.

Even so, firm executives beforehand mentioned they needed to stay within the Myanmar market.

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The corporate will now search to promote two enterprise models within the nation, Myanmar Brewery Ltd and Mandalay Brewery Ltd, a spokesperson mentioned. learn extra

In its withdrawal, Kirin mentioned it “will place significance on the livelihood and security of native staff,” who quantity about 1,450 between the 2 models.

Individually, Kirin mentioned it will purchase again as much as 3.6% of its shares price 50 billion yen ($433.31 million).

($1 = 115.3900 yen)

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Reporting by Rocky Swift; Enhancing by Himani Sarkar and Kim Coghill

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