“Kirin” Japanese beer giant withdrew from a Myanmar holding company following military’s seizure of power and the detaining of senior government officials including civilian leader Aung San Suu Kyi.
Kirin Holdings said it would end a joint venture partnership with the Myanmar Economic Holding Public Company (MEHL), with Kirin holding a 51 percent stake and the MEHL holds the remaining shares.
Kirin’s Myanmar business earned $ 115 million in operating profit in 2019.The company said it decided to invest in Myanmar in 2015 because it believed it could make a positive contribution to the people and Myanmar’s economy. It was the moment when Myanmar became democratic after Aung San Suu Kyi won a landslide election that year.
However, earlier this week, the Myanmar Army seized power and also detained several top government leaders.
The latest situation in Myanmar has forced the UN Security Council to issue a statement demanding for Suu Kyi’s release, calling for the military to refrain from violence, observe democratic processes, respect for human rights and basic freedom.
Original writer: Suda Mangmee
Source: BusinessToday.co
