Connect to share and comment
TOKYO - The parent company of Japan's All Nippon Airways says it plans to buy a 49 per cent stake in Myanmar's Asian Wings Airways, the first foreign investment in the country's airline industry.
ANA Holdings said Tuesday it will invest $25 million in AWA as part of its strategy for international expansion.
Japanese companies are eager to tap opportunities in Myanmar as the long-isolated country opens to foreign investment.
AWA operates domestic routes in Myanmar and is profitable. ANA said the airline, founded in 2011, plans to begin operating on international routes from October.
ANA says it plans further expansion in fast-growing Asian markets. Beginning Sept. 30, the airline will begin operating daily flights between Tokyo and the Myanmar capital, Yangon.
It said the investment in AWA is subject to regulatory approvals.
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.