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Gold Myanmar takes over MAI

Potential investor are welcome to buy stakes in a new multinational and home carrier, the major financier said last weeks. Aye U Khin Maung, Chair of the Cooperative Bank (CB) and Kaung Myanmar Aung Business Development Enterprise, said Golden Myanmar Airlines Public Company will file share requests early next months.

"First, we formed the Golden Myanmar Airlines Public Company with some of our stockholders. We will take the next steps to encourage stockholders very soon," he said to the Myanmar Times on August 21 after an exercise to win stockholders for two more CB Bank projects, the New City Development Public Company and the CB Public Company Ltd venture.

Said the plan would take advantage of Myanmar's buoyant tourist industries and the stock would be worth K10,000 each. It intends to start its operations in early 2013 and is considering using Mandalay International Airport as its basis. "In Myanmar we never had a government carrier like Thai Airways International.

That is one of our motives for founding this joint-stock company," he said. "All of the company's stockholders will be partners in the carrier and we welcome all interested parties, hotel operators and other business professionals who are involved in the carrier. Myanma Golden Star CEO U Thein Tun and U Aung Gyi, a former CEO of Myanmar Airways International (MAI), will be members of the Management Committee of the corporation and are among the 15 major stockholders.

"We will be inviting our stockholders at the beginning of September. Further information about the flag carriers will be presented at this time," said U Aung Gyi. Myanmar Airways will be competing with Myanmar's other global airlines, Myanmar Airways Int'l (MAI), and will also deal with new flights that are not offer. "We currently have only one single global airlines in Myanmar, so we need more global carriers, and that is another why we are founding this airline," he said.

There could also be other causes for the start of Golden Myanmar. Previously, both CNB Bank and U Thein Tun were stockholders of Royal Myanmar Transport, which acquired 80 per cent of MAI at the beginning of 2010. Chiang Mai-based news agency also said President U Thein Sein, then Myanmar's premier, intervened to help Cuba.

However, Golden Myanmar has already made its plans clear by attracting many of the seasoned MAI employees by offering them a stake in the new business. "Not everyone, with the exception of some of MAI's employees, has entered our joint-stock corporation because they have the opportunity to become stockholders. Anyone who wants to run their own airlines and planes joins us," he added.

An MAI executive officer, who did not want to be mentioned, acknowledged that the firm had some of its seasoned team.

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