Myanmar Airways International (MAI), the country's main international carrier, is in the throes of another ownership change.
This carrier was a joint-venture between Singapore's RegionAir and the Myanmar government's Myanma Airways but the Singaporeans exited the business a few months ago and Myanma Airways is now working to sell an 80% stake, says a senior source at MAI.
Some news reports in the country say Myanmar's privately-owned Kanbawza Bank has succeeded in buying the 80% stake. The bank is controlled by Myanmar businessman U Aung Ko Win, who has strong links to Myanmar's military junta.
But the senior MAI source 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 operates two Airbus A320s on lease from a Hong Kong leasing company and it plans to lease a third A320, says the source.
One of the reasons the Singaporeans let Myanma Airways take over 100% of MAI is because they didn't want to inject more money, adds the source.
The government's move to sell 80% of MAI is in line with current government policy. Reports in Myanmar say the government is busily selling state-owned assets before the country's national elections due to take place later this year. So far no firm date has been fixed yet for the elections.
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 due to the country's military junta which controls the government.
Source: Air Transport Intelligence news