Japanese airline pays $30.45 million for stake
The Japanese airline ANA will buy a 49% stake in Myanmar carrier Asian Wings Airways as part of a strategy to expand overseas, Reuters quotes an inside source as saying. ANA will pay the equivalent of $30.45 million for the stake.
Asian Wings began flying in 2011 and has its main hub in Yangon. It operates three ATR-72s and one Airbus A321 on domestic flights but aims to launch its first international service in October to Chiang Mai in Thailand.
ANA re-launched its Tokyo-Yangon route in October 2012 following a 12-year break. The Japanese carrier has raised $1.6 billion to fund purchases in airline-related businesses in Asia.
[pictured: Yangon International Airport, Asian Wings Airways’ main hub]