The Singaporean businessman Lim Kaling has declared to sell his stake in Myanmar’s leading cigarette producer because of the political situation in the country, reports The Diplomat.
Lim Kaling was a minority shareholder in Virginia Tobacco Company through RMH Singapore Pte Ltd, which owns 49 per cent of the Myanmar firm. The rest of Virginia Tobacco is owned by Myanmar Economic Holdings (MEHL), one of two tentacular conglomerates run by Myanmar’s military, the report said.
In a statement issued 9 February, Lim announced that he would divest himself of his holding in Virginia Tobacco because of “grave concern” over the political situation in the country. He added that he was “exploring options for the responsible disposal of this stake.”
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