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Japanese beverage company Kirin Holdings has agreed to sell its 51% stake in Myanmar Brewery back to the joint venture for JPY 22.4 billion ($165.4 million approx.). The transaction will leave Kirin's military-linked local partner, Myanma Economic Holdings, with full control of the company. Last February, the Myanmar military seized control of the country from the elected government. Kirin announced shortly afterwards that it intended to pull out of the Myanmar Brewery business but reported problems in reaching an agreement with its JV partner on how to withdraw. According to Reuters, Kirin and Myanma Economic Holdings agreed to terminate their venture in February this year after protracted negotiations. Kirin said in a statement: "Kirin Holdings has decided on a share transfer to MBL in a share buyback transaction to quickly terminate the joint venture, while taking into consideration the impact on local employees, business partners and others in the local Myanmar communities". The deal has been criticised by rights group Justice for Myanmar as a "windfall for the Myanmar military," according to Reuters. The transaction is subject to the approval of the Myanmar government.