Yongnam-led group wins $1.78 Billion Myanmar Airport contract

A consortium led by Singapore-listed Yongnam Holdings won a US$1.4 billion (S$1.78 billion) contract to build the airport in Myanmar's Yangon, after a previous deal given to Incheon International Airport Corp. was canceled, Bloomberg News reported on
A consortium led by Singapore-listed Yongnam Holdings won a US$1.4 billion (S$1.78 billion) contract to build the airport in Myanmar's Yangon, after a previous deal given to Incheon International Airport Corp. was canceled, Bloomberg News reported on Wednesday. -- PHOTO: BLOOMBERG NEWS

A consortium led by Singapore-listed Yongnam Holdings won a US$1.4 billion (S$1.78 billion) contract to build the airport in Myanmar's Yangon, after a previous deal given to Incheon International Airport Corp. was canceled, Bloomberg News reported on Wednesday.

Yongnam will develop the Hanthawaddy International Airport, Myanmar's civil aviation agency told reporters at a briefing on Wednesday, Bloomberg said.

The group, which also includes Changi Airport Planners and Engineers and Japan's JGC Corp., was invited to rebid for the project after negotiations between the government and South Korea's Incheon broke down earlier this year. it added.

Yongnam shares surged in Singapore the most in more than six months on Wednesday before trading in its shares were halted pending an announcement around 1:48pm. The stock rose 6.4 per cent to 20 cents.