ANA Holdings Inc, Japan’s largest airline, will buy a stake in Myanmar’s Asian Wings Airways Ltd as it becomes the latest company to expand in the Southeast Asian country.
The Japanese carrier will pay US$25 million for a 49% stake in the Myanmar company, the Tokyo-based carrier said in a statement on Tuesday.
ANA joins Coca-Cola Co, PepsiCo Inc and Unilever Plc in expanding in the nation of 64 million people, after the United States eased sanctions last year as Myanmar moved toward democracy following five decades of military rule. South Korea's Incheon International Airport Corp won a $1.1 billion contract this month to build a new international airport for Yangon, Myanmar's largest city, to increase passenger capacity fivefold on expectations of soaring demand.
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