Japan's integrated beverages company Kirin is reportedly planning to acquire 55% stake in Myanmar Brewery from Singapore-based beverage producer Fraser and Neave (F&N) for $560m.
Reuters cited sources familiar with the matter as saying that F&N earlier agreed to sell its 55% stake to the government-backed Myanma Economic (MEHL), concluding a lengthy dispute.
Kirin has come into play as MEHL's nominee in the deal.
F&N said it will use the transaction proceeds in its core markets and for investments in other new markets within the Association of Southeast Asian Nations (ASEAN) region.
The transaction is planned to be completed on or before 20 August.
F&N investor relations head Jennifer Yu told Bloomberg earlier that the company is seeking ways to boost its business in Myanmar, considering it as a very good market.
Earlier in the week, Japan's Yomiuri daily reported that Kirin will acquire F&N's stake in the brewery for close to $804m, while refusing to disclose its source.
Reuters also listed potential players for the Myanmar brewery deal previously that included SABMiller, Kirin and Thailand's Boon Rawd Brewery.
