Heineken N.V. (HINKY.PK) announced that it has entered into a local joint venture deal with privately-owned Alliance Brewery Company Ltd to brew and sell Heineken beers in Myanmar. Alliance Brewery Company Ltd is majority-owned by Aung Moe Kyaw, a local entrepreneur and established leader in the spirits industry.
The new joint venture company, APB Alliance Brewery Company Limited, has been approved by the Myanmar Investment Committee. APB Alliance Brewery Company will build a new greenfield brewery in the country.
As per the terms of the deal, Heineken, through its subsidiary Asia Pacific Breweries Limited, will have a controlling 57 percent stake in the new joint venture company and be responsible for overall management, providing brewing and technical expertise, procurement of ingredients and the licensing of brands.
The brewery will be located near the country's capital Yangon and is expected to be operational by the end of 2014. The joint venture company plans to invest $60 million in the brewery, create more than 400 jobs and brew leading brands, including Heineken.
Heineken's announcement follows the European Union Council decision on 22nd April 2013 to lift all sanctions, with the exception of the embargo on arms.
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