Kirin announced in February that it would withdraw from Myanmar and its intention to sell the shares by the end of June. Since then, it has been trying to sell its shares to an outside buyer, including US and European companies, but has been unable to find one. Amid growing international criticism of the repressive Myanmar military, Kirin is prioritising an early withdrawal from the partnership.

Kirin holds a 51% stake in MBL and MEHL 49%.

The Japanese company had set up a plan to sell shares to MBL to avoid potential criticism if it sold to MEHL.

The agreement to sell shares was signed yesterday, with Kirin planning a news conference today.

Kirin had sought to end its partnership with MEHL after the military seized power in February 2021 and as the human rights situation deteriorated in the country. Kirin had hoped to continue its beer business in Myanmar after the dissolution of the joint venture.