Global consumer goods conglomerate Unilever announced on Thursday that it will fully divest from its joint venture in Myanmar, marking another high-profile multinational departure from the country even as the military regime actively campaigns for foreign capital.
The London-headquartered company confirmed it has reached a formal agreement to sell its entire equity holding in Unilever EAC Myanmar Company Limited (UEMCL) to Centig Holding Company Limited, an affiliate of its long-time domestic partner, Europe & Asia Commercial Company Limited (EAC).
“Unilever can confirm that it has agreed to sell its shareholding in Unilever EAC Myanmar Company Limited (UEMCL) to Centig Holding Company Limited, an affiliate of its local joint venture partner Europe and Asia Commercial Company Limited (EAC),” stated a company spokesperson on Nov. 5.
Unilever re-entered Myanmar in 2010 during the country’s economic opening and subsequently formed the UEMCL manufacturing and distribution joint venture with EAC in 2017.
Financial terms of the transaction were not disclosed. Completion of the sale is slated for 2027, contingent upon required legal and regulatory clearances.
Unilever’s exit underscores the deteriorating commercial environment that has engulfed Myanmar since regime leader Min Aung Hlaing ousted the elected civilian government in the February 2021 coup, plunging the nation into a devastating nationwide civil war.
The corporate withdrawal presents a sharp public setback to Naypyidaw’s economic messaging.
Following a widely criticized, tightly controlled election at the start of the year, Min Aung Hlaing—now adopting the title of president—has toured Southeast Asian capitals, including Bangkok, Vientiane, Phnom Penh, Hanoi, and Kuala Lumpur, in an attempt to project normalization and court foreign investment.
The current economic collapse stands in stark contrast to the previous decade, when Myanmar transitioned toward quasi-civilian governance, modernized its investment frameworks, and registered some of the fastest GDP growth rates in Southeast Asia.
Today, prolonged armed conflict, severe foreign exchange controls, logistical blockades, and international sanctions have crippled commercial vitality.
In June, the World Bank slashed Myanmar’s real GDP growth forecast for the 2026/27 fiscal year down to 2.0 per cent—lowered from an earlier 3.0 per cent projection following global energy price spikes tied to the conflict in Iran.
Unilever joins a lengthy list of Western and regional corporations—including TotalEnergies, Chevron, Telenor, and Kirin—that have abandoned their operations in Myanmar due to heightened operational risks, human rights concerns, and prolonged political instability.
