Japan's ANA to buy 49% in Myanmar's Asian Wings Airways: Source
TOKYO (REUTERS) - Japan's ANA Holdings Inc will buy a 49 percent stake in Myanmar carrier Asian Wings Airways as part of a strategy to expand overseas by investing in airline related businesses, an industry source familiar with the agreement said.
ANA, will pay 3 billion yen (S$38.81 million) for the stake, the Nikkei business daily reported earlier. The two carriers may announce the deal later on Tuesday, the source said on condition he was not identified.
Yangon-based Asian Wings, which began flying in 2011, operates three turboprop ATR 72 regional aircraft and one Airbus A321 on domestic flights in Myanmar. The airline plans to begin international service in October with a flight between Yangon and Chiang Mai, Thailand, the Nikkei said.
A spokesman for the Japanese carrier declined to comment on the reports, saying it had not announced the acquisition. ANA resumed flights between Tokyo and Yangon last October after a 12-year hiatus.