Japan's ANA to acquire 49 percent of Myanmar's AWA

TOKYO, Aug. 27 (UPI) -- ANA Holdings Inc., parent of Japan's All Nippon Airways, announced Tuesday it will acquire a 49 percent stake in Myanmar's Asian Wings Airways.

The company on its web site said it will invest $25 million (2.5 billion yen) in Asian Wings as part of a strategy to expand into new international markets.

Under the deal, ANA said it will work with AWA to improve its operational and on-time performance and support its expansion into markets outside Myanmar, formerly Burma.


AWA is a profitable airline currently operating only domestic routes but plans to inaugurate international routes from October this year, the announcement said. Its plans call for expanding its fleet and operate 10 A320 planes by 2018.

In the fiscal year that ended in March, AWA reported revenues of $17.8 million.

ANA said its investment is in line with its strategy involving diversification into new airline-related growth areas, particularly in Asia.

ANA plans to increase the number of flights between Tokyo-Narita and Yangon (formerly Rangoon) from three flights a week to seven and also introduce larger aircraft on the route.

ANA Holdings currently has 235 planes flying to 84 destinations.  

source: UPI
http://www.upiasia.com/Business-Economy/2013/08/27/Japans-ANA-to-acquire-49-percent-of-Myanmars-AWA/UPI-39461377601053/