(Bloomberg) -- Japanese brewer Kirin Holdings Co. is seeking to terminate its joint venture in Myanmar and withdraw from the country after failing to find a way forward following a military coup last year.

Kirin is seeking to complete the exit by June, while prioritizing the livelihood and safety of employees, the company said in a filing with the Tokyo Stock Exchange Monday. Myanmar Brewery Ltd., the venture between Kirin and Myanmar’s military-run Myanmar Economic Holdings, had sought a court order to wind up its operations in November.

The Japanese beer maker, which also owns the San Miguel beer brand and Four Roses bourbon, is the latest business to leave Myanmar, which has plunged into turmoil after the February 2021 coup led by army chief Min Aung Hlaing. TotalEnergies SE and Chevron Corp. said last month that they’re pulling out of the country to protest against the junta’s continued violence against civilians.

“Kirin Holdings took every measure to find a way forward that would allow it to contribute to Myanmar’s economy and society through the beer business,” the company said in the filing. “In the end, Kirin Holdings determined that it would be difficult to quickly terminate the joint venture in the matter it desires.”

The brewer said it booked a 46.6 billion yen ($405 million) impairment charge due to the withdrawal. Normalized operating profit for the year ended December was 165 billion yen and sales fell by 1.5% to 1.82 trillion yen, it said. 

Kirin entered the Myanmar market seven years ago by buying a 55% stake in Myanmar Brewery. 

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