?Kirin to sell its Brazilian unit to Dutch beer giant Heineken for USD 706 million

Japanese brewer Kirin has said that it would sell its Brazilian unit to Dutch beer giant Heineken for USD706 million, citing a 'stagnant and competitive' market. The company said it will transfer all shares of Brasil Kirin Holdings to Heineken subsidiary Bavaria for 2.2 billion reals.

In a statement, the company has stated that, "Considering various risks associated with (the) Brazilian economy and (the) stagnant and competitive situation in (the) Brazilian beer and soft drink markets, Kirin has come to the conclusion that there are certain limitations in transforming Brasil Kirin into a sustainable and high-profitable business on its own."

Separately Kirin, which is look ing to strengthen its presence in the Asia-Oceania region, confirmed plans to buy a majority stake in Myanmar's Mandalay Brewery for USD4.33 million from military-backed Myanmar Economic Holdings.

The deal will give it control of the country's oldest brewery, and 90 percent of Myanmar's beer market, a company spokeswoman said.