World's biggest wealth fund puts Japan's Kirin Holdings on watch list over Myanmar link

FILE PHOTO: An employee works at a beer production line at Japanese brewer Kirin Holdings’ factory in Toride, Ibaraki Prefecture, Japan July 14, 2017. REUTERS/Kim Kyung-Noon

OSLO (Reuters) – The Norwegian central bank said on Wednesday it had put Japan’s Kirin Holdings Ltd Co on a watch list for possible exclusion from its $1.3 trillion sovereign wealth fund over the firm’s ties to a business owned by Myanmar’s military.

“Kirin has recently announced an intention to end this business cooperation, and the implementation of this will be followed up as a part of the observation,” the central bank said in a statement.

Kirin Holdings was not immediately available for comment when contacted by Reuters.

Norges Bank Investment Management, which manages the world’s largest sovereign wealth fund, held a 1.29% stake in Kirin Holdings at the end of 2020 with a value of $277.1 million.

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