Wednesday, September 2, 2015   

ANA withdraws plan to buy stake in Myanmar airline
(07-31 15:47)

Japan's All Nippon Airways (ANA) has dropped its plan to buy a 49 percent stake in a Myanmar airline, blaming "intensified'' competition in the country as it quickly emerges from years of economic isolation.
ANA Holdings -- the airline's parent company -- announced last year that it planned to invest about US$25 million in Asian Wings Airways (AWA).
But "competition between new and old airlines in Myanmar has intensified... calling into question the assumptions made at the time of the original decision'', the Japanese firm said in a statement Wednesday.
"Ultimately, negotiations for the capital participation with AWA were unable to reach an agreement, and the investment plan was cancelled as a result.''
The move will not impact earnings for the current fiscal year, ANA added.
The announcement came as the Japanese carrier said it had swung back to profitability in the three months to June.
With little room for growth in the domestic market, ANA and other Japanese firms have been eyeing Southeast Asia as a lucrative market.
Foreign companies have piled into Myanmar since the installation of a nominally civilian government in 2011, eager to make the most of opportunities in the country as it opens up following decades of junta-led government.
Shares in ANA closed 2.31 percent higher at 256.5 yen on the Tokyo Stock Exchange Thursday. --AFP   
Other Business breaking news:
London stocks deep in the red (09-01 21:17)
(Fashion) LVMH picks Apple exec for digital foray (09-01 20:57)
Canada slips into recession (09-01 20:54)
Yahoo CEO Mayer expecting twins at 40 (09-01 19:56)
Kevin Kelley named chief operating officer at Galaxy (09-01 19:16)
IMF chief warns emerging economies to brace for spillover from China slowdown (09-01 18:36)
(Technology) Curtail Windows 10 from tracking personal data (09-01 18:15)
China services sector activity slows (09-01 17:50)
Eurozone jobless rate drops below 11pc (09-01 17:17)
(Market turmoil) European sell-off worsens (09-01 17:09)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.