Japan's Kirin says Myanmar unit blocked liquidation in Yangon court

A man walks past a case of beer with a logo for Kirin brand beer in Tokyo on Aug. 25, 2020. - AP

TOKYO (Reuters): Japanese beverage maker Kirin Holdings' said on Wednesday (Jan 26) its subsidiary in Myanmar won a dismissal in court to block liquidation by its military-linked partner.

Myanmar Economic Holdings Public Company Ltd had filed a petition to liquidate the venture in November, months after Kirin said it was cutting ties there following a military coup.

The order by the Yangon West District Court will not have any particular impact on Kirin's consolidated results or the operations of the subsidiary Myanmar Brewery Ltd, the Japanese parent said in a statement.

Kirin has said its Myanmar partner was uncooperative in negotiations to wind down the venture, and in December fought the liquidation attempt in an appeal to the Singapore International Arbitration Centre.

Even after pulling out of the venture, Kirin executives have said they want to stay involved in the Myanmar market.

Myanmar's military junta did not immediately respond to a request for comment.

Article type: free
User access status:
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Myanmar , Japan , Kirin , court


Next In Aseanplus News

Asean News Headlines at 9pm on Saturday (May 28, 2022)
Palm oil analyst top expert urges Indonesia to resume exports immediately
Thailand records 4,488 Covid-19 cases and 38 deaths on Saturday (May 28)
Vietnam reports 1,114 new Covid-19 cases on Saturday (May 28) as infections continue to dip in country
Travellers from Singapore to Japan need not undergo on-arrival test or quarantine from June 1
Indonesians going through a long wait for motorbikes as chip crunch hits home
Thailand and Malaysia put up resolutions to secure borders
Incoming Philippines central bank governor sees no need to rush rate hikes
Strong economic fundamentals, prudent management to contribute to stronger ringgit
Vietnam's FDI disbursement up 7.8 per cent in five months

Others Also Read