Progress Report Regarding Kirin's Operations in Myanmar and Suspension of Dividend Payments from Joint Ventures
November 11, 2020
Kirin Holdings Company, Limited
Kirin Holdings Company, Limited announces today that all dividend payments from Myanmar Brewery Limited (“MBL”) and Mandalay Brewery Limited (“MDL”) to Kirin and Myanma Economic Holdings Public Company Limited (“MEHPCL”) have been suspended in view of a significant lack of visibility regarding the future business environment for our Myanmar joint-ventures, including the ongoing assessment into the destination of proceeds from MBL and MDL and the spread of COVID-19 in Myanmar.
We previously announced on 5 June that we had appointed Deloitte Tohmatsu Financial Advisory LLC (“Deloitte”) to conduct an independent review of MEHPCL’s financial and governance structures to determine the destination of proceeds from the joint-venture businesses MBL and MDL as a matter of urgency. We subsequently announced on 10 September that we aim to conclude the Deloitte review by the end of this year barring any new challenges such as a resurgence of COVID-19 cases in the region.
Kirin takes its responsibilities in Myanmar seriously and will take necessary action to ensure our business activities in the region adhere to the highest standards. A further update on our position and the Deloitte assessment will be provided in due course.