The Norwegian sovereign wealth fund said late on Wednesday it had removed Japan’s Kirin Holdings from its watch list and was no longer considering excluding the beverage giant from its investment portfolio.

The $1.3 trillion Government Pension Fund Global fund, one of the world’s largest investors, had said in 2021 it was reviewing its holdings in Kirin due to what it said at the time were the Japanese firm’s business ties to Myanmar’s military.

An independent ethics council advises the board of the Norwegian central bank, which manages the fund, on which companies to exclude from the portfolio.

“Kirin has ended the business relationship and no longer has any activity in Myanmar. Hence, it is the Council on Ethics’ assessment that there are no longer grounds for having the company under observation,” the fund said in a statement.

The fund held a stake of 1.22% in Kirin at the end of 2022, the time for which data is available. The holding was then valued at $170.2 million.

Kirin said its business was conducted in accordance with the company’s human rights policy.

“Respect for human rights is a foundation for all of Kirin Group business activities,” the company said in a statement to Reuters.

Reuters