NBIM: Kirin Holdings on watch list: Myanmar, Mandalay Brewery Limited.

NBIM: Kirin Holdings on watch list: Myanmar, Mandalay Brewery Limited.

[Oslo March 3, Reuters]

Norges Bank Investment Management (NBIM):

Kirin Holdings has been designated as a “watch list” that may be excluded from possession.

The reason is the alliance with a company that has a connection with the Myanmar Armed Forces.

NBIM Statement:

On March 3, NBIM revealed.

Kirin “recently announced his intention to dissolve the business alliance with Myanmar,” so he said he would watch over the implementation status.

“ESG investment”:

NBIM has invested in about 9,100 companies in each country and has assets under management of $ 1.3 trillion.

NBIM holds $ 277.1 million, 1.29% of Kirin shares, as of the end of 2020.

It is attracting attention from the investment industry for “ESG investment” that considers the environment, society, and corporate governance.

Polish Real Estate Atal:

Separately, NBIM announced that it will “re-invest the Polish real estate company Atal.”

Atal:

The possibility of human rights violations has been raised over the treatment of North Korean workers working in Poland.

Since 2017, Atal has been excluded from investment.

Reuters

https://jp.reuters.com/article/norway-swf-idJPKCN2AV2VA

Statement on the situation in Myanmar

February 5, 2021

Kirin Holdings Company, Limited (President and CEO: Yoshinori Isozaki)

is deeply concerned by the recent actions of the military in Myanmar, which are against our standards and Human Rights Policy.

We decided to invest in Myanmar in 2015,

believing that, through our business, we could contribute positively to the people and the economy of the country as it entered an important period of democratization.

Our aspiration

was and remains to create a positive impact on Myanmar’s economy and society through our operations at Myanmar Brewery Limited and Mandalay Brewery Limited.

Given the current circumstances,

we have no option but to terminate our current joint-venture partnership with Myanma Economic Holdings Public Company Limited,

which provides the service of welfare fund management for the military.

We will be taking steps as a matter of urgency to put this termination into effect.
We will aim to provide updates as soon as practicably possible.

2021 | News Releases | Kirin Holdings

https://www.kirinholdings.co.jp/english/news/2021/0204_01.html