YANGON, Feb. 3 (Xinhua) -- The Myanmar Airways International ( MAI) will be privatized and the ownership will be taken over by a giant private bank group for continued operation, the local 7-Day News reported Wednesday.
The Kanbawza Bank Company Group will buy up to 80 percent stake of the airline with the remainder continued to be held by the state-run domestic Myanmar Airways, the group was quoted as saying by the report.
MAI was a joint venture set up by the state-run Myanmar Airways and a Singapore-based company in 1993 for sole international service flights covering three scheduled flight destinations of Bangkok, Singapore and Kuala Lumpur.
In 2007, the Region Air (Hong Kong) Ltd. took over the stake from the Singapore's with 49 percent held by it, while the remainder 51 percent possessed by the state-run Myanmar Airways, according to MAI website.
Starting December last year, the airline has managed to fly Bangkok and Kuala Lumpur alternately with Air Bus-320 in addition to the existing daily and four-day-a-week flights respectively, the MAI said, adding that these services will be offered until March during the current peak season of tourist arrivals.
In November last year, the MAI launched chartered flights for the first time between Yangon and Jaddah of Saudi Arabia.
There are 13 airlines including the MAI and 12 foreign airlines operating between Yangon and nine destinations, namely Bangkok, Singapore, Kuala Lumpur, Beijing via Kunming, Guangzhou, Calcutta, Chiang Mai, Taipei and Doha.
The 12 foreign airlines flying Yangon comprise Air China, China Southern Airline, Thai Airways International, Indian Airlines, Qatar Airways, Silk Air, Malaysian Airlines, Bangkok Airways, Mandarin, Jetstar Asia, Phuket Airline and Thai Air Asia.
Source :http://news.xinhuanet.com/english2010/business/2010-02/03/c_13161603.htm
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