Business | Jul 01

Kirin brewery to withdraw from Myanmar

Japanese drinks giant Kirin said Monday it will withdraw from Myanmar, after a failed bid to disentangle its operations from a joint venture with a junta-owned company after last year's coup.

The brewery is the latest foreign company to pull out of Myanmar with international pressure building against the junta since it ousted civilian leader Aung San Suu Kyi and waged a widespread crackdown on dissent.

Kirin said its decision comes after months of wrangling following the coup last February, which prompted the company to express concerns about human rights and eventually seek to end its joint venture Myanmar Brewery Limited.

Kirin has decided "to withdraw from the business in Myanmar in order to urgently terminate its joint venture partnership" with military-linked MEHPCL, the company said in a statement.

Myanmar Brewery, whose beverages include its flagship and ubiquitous Myanmar Beer brand, boasted a market share of nearly 80 percent, according to figures published by Kirin in 2018. ...continue reading

Source: ANNnewsCH

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