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21 Feb 2022

Kirin Holdings

Myanmar: Junta-linked firm files another complaint for liquidation of joint venture with Japanese brewer Kirin while Kirin says agreement of withdrawal stays unchanged

"Notice Regarding New Filing for Liquidation of the Myanmar Subsidiary by MEHPCL" 21 February 2022

On 27 January, 2022, Myanma Economic Holdings Public Company Limited (MEHPCL), a joint venture partner with Kirin Holdings Company Limited, filed a new petition (Petition) for the liquidation of Myanmar Brewery Limited (MBL), a consolidated subsidiary of Kirin Holdings Company, Limited (Kirin Holdings) with the Yangon Western District Court. Kirin Holdings became are aware of this fact today. A previous petition filed by MEHPCL to liquidate (MBL), was dismissed by the same court on 26 January 2022.

Kirin Holdings will respond to the Petition accordingly.

After the new Petition was filed, discussions were held with MEHPCL on 3 February 2022 and an agreement was reached to terminate the joint venture on the premise of withdrawal. As a result of these discussions, Kirin Holdings decided to withdraw from the business in Myanmar at a Board of Directors meeting, as announced in the 'Withdrawal from the Myanmar Business' on 14 February 2022. Kirin Holdings will give priority to the discussions with MEHPCL.

Currently there is a significant amount of uncertainty regarding MBL's future business. Considering the possible events that could occur in the future, the financial impact of Myanmar Brewery Limited is not expected to be material.