In doing so, French Pernod Ricard will become one of the first major alcoholic drinks companies to establish a formal business in the south-east Asian country.
Under the deal, the French firm will bring an “internationally experienced management team” and will become the largest shareholder in the newly created firm.
Meanwhile, the remaining equity will be divided between private equity firms Yoma Strategic and Delta Capital Myanmar and distillery group Win Brothers.
Through the agreement, Pernod Ricard will manage the production facilities, distribution network and brand portfolio of Access Myanmar Distribution Company, which produces and distributes drinks and also owns High Class Whisky, the country’s leading whisky brand.
The joint venture hopes to consolidate Pernod Ricard’s position in Asia, particularly in the whisky market segment.
Through the deal, Myanmar will become the 86th country where Pernod Ricard has established a direct affiliate.
Chief executive of Pernod Ricard’s Asia business, Philippe Guettat, described Myanmar as “a very promising and dynamic market which has seen tremendous economic progress over the past years”.
“High Class Whisky has already built a solid foundation in the market, and we are committed to growing the brand further by leveraging our experience and capabilities,” he added.