HomeBusinessMyanmar Economic Holding Files for Winding-up of its Brewery Business

Myanmar Economic Holding Files for Winding-up of its Brewery Business

Myanmar Economic Holding has filed for winding-up of its brewery business called Myanmar Brewery Company Limited, which produces Myanmar Beer, Adman Gold, and Black Shield as well as Kirin Beer, according to the announcement published in Myanmar Alin Newspaper on November 22.

The announcement said that Myanmar Economic Holding will be dissolving the company under Article 298 (f) of the Myanmar Companies Act and the hearing of it will be held at Yangon Eastern District Court at 10 a.m. on December 10, 2021.

The products of Myanmar Brewery Company have been the target of a public boycott since the military take-over in February. The boycott caused a huge blow on the profits of Myanmar Brewery causing as much as a 50 percent drop in the third quarter.

Japanese drinks giants Kirin Holdings, who owns 51 percent of the stake in Myanmar Brewery and Mandalay Brewery, booked an impairment loss of over 21.4 billion yen ($193 million) in the six months through June on account of its beer production businesses in Myanmar.

“Nothing has been updated at this point, but we are well aware that we must dissolve the joint venture as soon as possible,” said an official of Kirin during the recent Q&A session.

- Advertisment -spot_img

Must Read

rice myanmar paddy bag sale

Siri Lanka to import 20,000 metric tons of rice from Myanmar

Sri Lanka will import 20,000 metric tons of rice from Myanmar at the rate of $460 per ton through its state-run trading firm. Moreover,...
spot_img