Kirin Beer Exits Myanmar, Ends Partnership With Military Entity

Kirin Holdings Co. said Monday it will exit Myanmar's beer market as a means of promptly ending a business partnership with a military-linked entity in the Southeast Asian country, Kyodo News reported.

Photo Insert: Kirin said it posted 68 billion yen ($589 million) in impairment losses in connection with its Myanmar operations for the business year ended in December.

The Japanese beverage maker decided in February last year to dissolve its partnership with Myanma Economic Holdings Public Co. shortly after the military seized power in a coup but has been unsuccessful in negotiations up until now.

Kirin said it hopes its withdrawal from the two joint ventures -- Myanmar Brewery Ltd. and Mandalay Brewery Ltd. -- with the military-affiliated company can be resolved by the end of June through the sale of stocks it holds in the entities.

Kirin said it posted 68 billion yen ($589 million) in impairment losses in connection with its Myanmar operations for the business year ended in December.

The ouster on Feb. 1 last year of civilian leader Aung San Suu Kyi and her democratically elected government was "against Kirin Holdings' standards and human rights policy," it said in a statement.

In December, a Kirin subsidiary filed for commercial arbitration with the Singapore International Arbitration Center after Myanma Economic Holdings unilaterally petitioned to liquidate Myanmar Brewery.

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