Japan�s Kirin buys $560m stake in top Myanmar brewer

AFP, TOKYO: Kirin has acquired control of Myanmar's biggest brewer, a company spokesman said yesterday, as the Japanese beverage giant moves to counter slowing growth at home by tapping Southeast Asian markets.
The firm's Singapore unit purchased a 55 per cent stake in Myanmar Brewery Ltd, which makes popular local brands and has an extensive nationwide sales network, from Fraser and Neave for $560 million.
"The beer market in Myanmar is still small, but we expect it will expand," a Japan-based Kirin spokesman told AFP, calling Myanmar Brewery a "promising partner".
Myanmar Brewery, which has about 1,000 employees, reported sales of around$200 million last year.
In a statement announcing the deal, Kirin said it hoped the acquisition would "further strengthen its business in the Southeast Asian region".
Kirin operates a beer business in the Philippines with a local firm and already has operations in Singapore and Vietnam.
Investors in Tokyo cheered the deal, with Kirin shares adding 0.99 per cent Thursday afternoon as the broader market turned down.
Foreign companies, including many Japanese firms, are investing in fast-growing Myanmar, formerly known as Burma, as it emerges from decades of isolation as a former junta-run nation

Japan�s Kirin buys $560m stake in top Myanmar brewer

AFP, TOKYO: Kirin has acquired control of Myanmars biggest brewer, a company spokesman said yesterday, as the Japanese beverage giant moves to counter slowing growth at home by tapping Southeast Asian markets. The firms Singapore unit purchased a 55 per cent stake in Myanmar Brewery Ltd, which makes popular local brands and has an extensive nationwide sales network, from Fraser and Neave for $560 million. The beer market in Myanmar is still small, but we expect it will expand, a Japan-based Kirin spokesman told AFP, calling Myanmar Brewery a promising partner. Myanmar Brewery, which has about 1,000 employees, reported sales of around$200 million last year. In a statement announcing the deal, Kirin said it hoped the acquisition would further strengthen its business in the Southeast Asian region. Kirin operates a beer business in the Philippines with a local firm and already has operations in Singapore and Vietnam. Investors in Tokyo cheered the deal, with Kirin shares adding 0.99 per cent Thursday afternoon as the broader market turned down. Foreign companies, including many Japanese firms, are investing in fast-growing Myanmar, formerly known as Burma, as it emerges from decades of isolation as a former junta-run nation