This carrier was a joint-venture between
government. The government's stake was controlled via the auspices of government domestic carrier Myanma Airways (yes, that is the correct spelling).
The Singaporeans exited the business a few months ago and Myanma Airways is now working to sell an 80% stake.
Some news reports in the country say
Aung Ko Win, who (not surprisingly) has strong links to Myanmar's military junta including General Maung Aye.
But a senior source I spoke to yesterday at MAI says the bank's proposal to buy 80% is still before the transport ministry.
There is also at least one other private company vying for the stake, says the source, who declines to name the competing bidder.
MAI presently operates two Airbus A320s on lease from a
One of the reasons the Singaporeans let Myanma Airways take over 100% of the carrier is because they didn't want to inject money to recapitalise the business, adds the source.
The government's move to sell an 80% stake in MAI, is in line with its general policy at the moment. Reports in
It will be the country's first in 20 years although it is likely to exclude the country's pro-democracy leader Aung San Suu Kyi, who remains under house arrest thanks to the country's military junta which controls the government.