Wednesday, November 25, 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:
US stocks rebound (11-25 11:16)
HK stocks lower, CKI and Power Assets shares dip (11-25 11:12)
German execs upbeat over business (11-24 17:41)
Allianz trims coal portfolio (11-24 17:39)
Multi-billion-dollar deals break all-time records (11-24 17:13)
Hang Seng closes lower (11-24 16:46)
Emails between Coke and Global Energy Balance Network (11-24 16:39)
Global Energy Balance Network accommodated Coke’s input (11-24 16:36)
Emails reveal Coke’s hidden hand in shaping anti-obesity group’s public message (11-24 16:15)
Sa Sa earnings dive by 55pc, profit margin shrinks (11-24 16:09)

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.