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The Myanmar Brewery is taking a turn in Japan
Kirin Holdings, the Japan-based drinks manufacturer, has acquired a controlling interest in the market-leading Myanmar Browery Limited for $560 million from Fraser and Neave, which are quoted in Singapore. It is Myanmar's biggest brewer with a turnover of 254 billion K (199 million dollars), which includes Myanmar Beer, Andaman Gold and Myanmar Double Strong, according to a Kirin declaration today.
"Myanmar is an interesting and promising future economy - after the country's recent democratization, current reform and the gradual abolition of earlier stimulus packages, high levels of expansion and rising levels of spending have been predicted," the declaration says. For years Fraser and Neave and its minorities shareholder, military-associated Myanma Economical Holdings Limited (MEHL), were trapped in a property quarrel.
In 2013, MEHL applied for an arbitral proceeding as the pre-emptive right to its partner's interest in the company was ignored in the sale of the controlling interest in Fraser and Neave itself. Thereupon the referee ruled in favor of MEHL, but also ordered an evaluation of the participation, which was concluded in July and the beer company amounted to K 500 billion.
There was disagreement between the two parties as to which date to use for the foreign currency conversion, where MEHL preferred a date that would set the value at around $400 million, and Fraser and Neave a date that values the share at $560 million. At the 6th of August the two enterprises published declarations that MEHL or its candidate - who turned out to be Kirin on the 6th - would continue with the acquisition of the 55 per cent share of Fraser and Neave to 560 million dollars.
It is currently a leading brewer in national beer and brews both Myanmar beer and Tiger beer under license for regional use. The company has a combined sales volume of approximately 75 units and MEHL has been reported to have seen strong interest from overseas breweries seeking to enter part of the expanding beer markets in Myanmar.
SABMiller, Kirin and Boon Rawd Brawery of Thailand may be interested in the firm. By acquiring the interest in Myanmar brewery, it is striving for further expansion by using its own know-how in the fields of engineering, research and production, as well as the brewery's basis of busines.
It also states that Myanmar Brewery Limited has approximately 1,000 staff and generated a profit before interest and taxes of K90 billion ($70 billion) in 2014. While Myanmar Brewery has long been the leading brewery in the region, it has recently taken up the challenge of the Carlsberg brewery in Denmark and the Heineken brewery in the Netherlands. They both started up plants in the state at the beginning of this year, although Myanmar's civil servants have found that it may be some while before the Myanmar brewery is obsolete.