[9] The Union of Myanmar Economic Holdings Limited (abbreviated UMEHL or UMEH) was established in February 1990 under the Special Companies Act as the economic arm of the Burmese military, during a period of privatisation and transition from a socialist command economy, with an initial capital of US$1.6 billion.
[15] In 2010, MEHL opened Ruby Mart, a 50,000-square-foot (4,600 m2) 5-storey shopping complex in Yangon's Kyauktada Township, in a building that once housed the Ministry of Commerce's Myanmar Agricultural Produce Trading.
[16] Between 2009 and 2012, MEHL benefited immensely during a mass privatization of state-owned enterprises and assets, acquiring the Bo Aung Kyaw port terminal and the Myanma Five Star Line in the process.
[24] MEHL has a monopoly on the country's gems sector and also has a significant portfolio in various industries, including banking, tourism, real estate, transportation, metals,[25] construction, mining, agriculture, tobacco and food.
[3] With its affiliation to the Burmese military, which directly ruled the country for almost 50 years, MEHL has exclusive access to secure preferential contracts with foreign firms.
[citation needed] Myanmar Brewery Limited is a joint venture between MEHL and Japan's Kirin Company, which bought the 55% stake of Fraser and Neave Ltd in 2015.
Prior to the acquisition, MEHL was involved in a controversial attempt to acquire a majority stake in Myanmar Brewery, which controls over 2/3 of the country's beer market.
[31][32] In 2017, Kirin's subsidiary, Myanmar Brewery Limited, made $30,000 in donations toward the Burmese military's clearance operations in Rakhine State.