Article author:
Reuters
TOKYO — Japanese beverage company Kirin Holdings left Southeast Asian countries more than a year after the military defeated the elected government and shares a Myanmar joint venture with a local partner linked to the military. Announced to sell.
Kirin's 51% stake in Myanmar Brewery Limited will be sold back to the brewery for ¥ 22.4 billion ($ 164 million), the brewery's parent company, Myanmar Economic Holdings Public Company Limited, said in a statement. (MEHL).
This deal ends the Japanese drink giant's business dispute with its partners for over a year. Kirin executives initially said they wanted to stay in the market for some reason, but after a year of negotiations, the two agreed to end the venture in February.
The brewer said Thursday that he considered transferring the shares to a third party or clearing the business, but decided not to pursue any of these options.
The transfer of shares requires a "long process" that is incompatible with the goal of withdrawing as soon as possible, but clearing has a "significant impact" on Myanmar's employees, partners and communities. Said. ..
The Rights Group's Justice for Myanmar has criticized the sale as a "Myanmar troop plunge." This allows the military administration to earn a stable income.
"Kirin seems to allow this irresponsible exit by claiming to be in the best interests of the workers," said Yadanal Maung, a spokesperson for Myanmar. Said.
"The responsible move is to refuse funding to the army and correct the negative effects on workers through compensation."
MEHL says the army is a democratic proponent. Founded in 1990 shortly after the uprising was subdued, it is one of two vast military-run holding companies.
The United States imposed sanctions on both after the military seized power on February 1st last year and expelled the government led by Nobel Peace Award winner Ahn San Sukhi. The other is the Myanmar Economic Corporation.
Kirin said it would record operating income of 19 billion yen ($ 140 million) in connection with the sale. The company posted a loss of 46.6 billion yen ($ 342 million) in the year ended in December in connection with its withdrawal from the business.
This sale includes Mandalay Brewery Limited, another joint venture with MEHL. The impact on Kirin is said to be minimal.
In March, Japanese energy company Eneos Holdings ended the Yetagungas project in response to "social issues" after being criticized for funding the military administration. He said he was aiming to do. ($ 1 = 136.5800 yen) (Report by David Dolan and Kay Johnson, edited by Robert Birsel)
