Japan & Myanmar: Kirin withdraws request for arbitration in venture with Myanmar military
Japan's Kirin Holdings has withdrawn its request for arbitration over the termination of a joint-venture partnership with a Myanmar company that it had filed with the Singapore International Arbitration Centre, Kirin announced on September 21.
On September 20, Kirin withdrew the arbitration request, while its joint-venture partner, Myanma Economic Holdings Public Company, on the same day withdrew its request for liquidation of the joint venture, Myanmar Brewery, that it had filed with a local court. Both sides agreed to withdraw their petitions as Kirin has decided to sell its stake in the joint venture.
The Japanese beverage company, in February last year, announced that it would terminate its joint venture partnership with the Myanmar company. In November 2021, MEHL filed a request for liquidation of the joint venture with a local court, underscoring the deepening conflict between the two companies.
With talks between the two parties making little progress, in February this year, Kirin announced its intention to exit Myanmar. In June, the company announced that it would sell its 51% stake in the joint venture for around 22.4 billion yen ($155.8 million at the current exchange rate) to the joint venture. To complete the sale, Kirin needs approval from Myanmar authorities. The transaction has not yet been completed.
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