Japan's Kirin to buy F&N's stake in Myanmar Brewery for US$560m: source

Kirin Holdings President and Chief Executive Yoshinori Isozaki poses in front of the company logo at its headquarters in Tokyo on Aug 18, 2015.

PHOTO: REUTERS

AUG 19, 20151:43 PM

[SINGAPORE] Japan's Kirin Holdings is set to buy Fraser and Neave's (F&N) 55 per cent stake in Myanmar's biggest brewer, Myanmar Brewery Ltd, for US$560 million (S$786 million), a source familiar with the deal said on Wednesday.

An announcement on the deal could come as early as Wednesday, said the source, who declined to be identified due to the sensitivity of the matter.

Earlier this month, F&N agreed to sell its 55 per cent stake in Myanmar Brewery to government-backed Myanma Economic Holdings Ltd (MEHL) for US$560 million, bringing an end to a lengthy dispute. The source said Kirin was coming in as MEHL's nominee and is looking to buy the stake at the agreed price of US$560 million.

Kirin declined to comment and F&N had no immediate comment. Myanmar Brewery and MEHL could not be immediately reached for comment.

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Japan's Yomiuri daily reported on Wednesday that Kirin was set to buy F&N's 55 per cent stake in Myanmar Brewery for as much as 100 billion yen (S$1.13 billion), and that it would announce the deal "soon". It did not say where it got the information.

Reuters has previously reported that SABMiller was eyeing a stake in Myanmar Brewery, and Kirin and Thailand's Boon Rawd Brewery could also be interested.

REUTERS