Japan's Kirin to sell China joint venture to investment fund

Kirin is selling its China joint venture to an investment fund, shortly after the Japanese beer and beverage maker decided to pull out of Myanmar, where it had a beer brewery

TOKYO -- Kirin is selling its China soft drinks joint venture to an investment fund, the Japanese beer and beverage maker said Wednesday.

The move comes shortly after Kirin decided to pull out of a joint venture brewery in Myanmar.

The sale to Plateau Consumer, a Chinese fund, for 115 billion yen ($994 million) covers Kirin’s entire 40% stake in China Resources Kirin Beverages, Tokyo-based Kirin said in a statement.

The joint venture, established in 2011, had been expanding its business in China, making bottled water and bottled tea, according to Kirin Holdings Co.