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Article

11 Mar 2021

Author:
Nikkei Asia

Norges Bank Investment Management puts Kirin on watch list over Myanmar link

4 Mar 2021

The Norwegian central bank said on Wednesday it had put Japan's Kirin Holdings on a watch list for possible exclusion from its $1.3 trillion sovereign wealth fund over the beverage giant's business ties to Myanmar's military.

Kirin on Feb. 5 said it would end its partnership with Myanma Economic Holdings Public Company Limited (MEHPCL), a company run by Myanmar's army, after a military coup deposed the democratically elected government.

As part of its decision on whether to maintain its ownership in Kirin, the Norwegian fund will monitor the implementation of the company's plan to end the ties, Norway's central bank said in a statement.

Kirin's decision effectively scraps the Myanmar Brewery joint venture, in which the Japanese firm's controlling stake was valued at up to $1.7 billion, although Kirin also said it still wanted to keep selling beer in Myanmar.

[...]

[Also refers to ATAL SA & Thyssenkrupp AG]

Part of the following stories

Myanmar: Kirin's subsidiaries allegedly maintain business ties with Myanmar's military; company responds

Myanmar: Kirin's subsidiaries allegedly maintain business ties with Myanmar's military; company responds

Myanmar: Military overthrows country's democratic government, hands power to army chief who allegedly presides over businesses & conglomerates with links to intl. companies

Myanmar: Groups call on more companies allegedly linked to military to sever ties