Japan's ANA to buy 49 pct stake in Myanmar's airline

Japan's ANA Holdings Inc. will buy a 49 percent stake in a Myanmar airline, local media reported Tuesday.

The parent company of All Nippon Airways Co. is expected to spend about 3 billion yen (30.5 million U.S. dollars) on the stake of Myanmar-based midsize airline Asian Wings Airways, which operates domestic flights connecting 13 cities.

It would be the first takeover in Myanmar's airline sector by a foreign company after the country carried out reforms, and 49 percent is the ceiling for foreign shareholders.

With this transaction, ANA Holdings intends to expand its network in Southeast Asia by using Myanmar as a hub, the Nikkei business daily said.