Myanmar: District court rejects petition from military-linked firm for dissolution of Kirin brewery joint venture
" Court Rejects Dissolution of Myanmar Brewery" 27 January 2022
The Yangon West District Court, on 26 January, rejected the dissolution of Myanmar Brewery (MBL) a joint venture between Japanese brewer Kirin Holdings and Myanma Economic Holdings ([MEHPCL]).
“The Order upholds Kirin Holdings’ position that the Petition should be dismissed because the statute on which the Petition is based is incorrect. It is possible that MEHPCL may file a new petition for liquidation of MBL based on a different statute, but even if that happens, Kirin Holdings’ policy to take appropriate actions taking into the circumstances remains unchanged,” Kirin Holdings said in its press release.
But, the order will not have any particular impact on MBL’s business activities or Kirin Holding’s consolidated financial results, Kirin said.
In addition, Kirin Holdings [...] filed a commercial arbitration with the Singapore International Arbitration Centre 6 December, 2021.
Myanmar Brewery is one of the targets that Myanmar citizens are boycotting while many restaurants in Myanmar stopped servicing the beverage produced by the company causing sales to drop.