Kirin Holdings has stepped in to buy Fraser & Neave's majority stake in Myanmar Brewery Ltd for US$560m.

The transaction, announced earlier today, sees Kirin take control of 55% of the country's largest brewer. Myanma Economic Holdings Ltd (MEHL) holds the remaining 45%.

Fraser & Neave was instructed to offload its stake in Myanmar Brewery late last year after an arbitration panel in Singapore ruled that Heineken's buy-out of Fraser & Neave from their JV - and initial Myanmar Brewery stakeholder - Asia Pacific Breweries brought the 55% holding into question.

Earlier this month, Fraser & Neave and MEHL agreed a value of $560m for the stake, over double MEHL's earlier valuation of $246m.

Today, Kirin said: "In its 'Kirin Group Vision 2021' (programme) ... Kirin is developing integrated beverages business under its global management system focused on Oceania, Brazil and South-East Asia. With this latest investment in Myanmar, Kirin will further strengthen its business in the South-East Asian region."

Kirin was among the brewers rumoured to be interested in Myanmar Brewery back in February.

Carlsberg was one of the first major breweries to start production in the country, earlier this year, with Heineken setting up a JV with a view to building a new brewery in 2013. Heineken's brewery was officially opened in July.

To read Kirin's official statement, click here.