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Thai company sell stake in Burma ai



RANGOON, Sept 12 (Reuter) - A Thai company has sold its 49 percent stake in
Burma's money-losing domestic Yangon Airways Ltd to Myanmar May Flower Group,
a spokesman for the Burmese company said on Friday. 

Tin Maung Lat, information and public relations director for Myanmar May
Flower Group -- one of Burma's largest private conglomerates -- said Krong
Sombat Co Ltd of Thailand sold its share on August 27. 

He would not give the terms of the sale. 

Yangon Airways was set up in October 1996 and was 51 percent owned by
state-run Myanmar Airways and 49 percent held by the Thai company. 

Tin Maung Lat said Krong Sombat sold its stake in the airline because Yangon
Airways was losing money. 

``Frankly the airline has been in the red all along,'' he said. ``We are
still losing money but are very optimistic about the future of this
airline.'' 

Tin Maung Lat said Yangon Airways flies between the capital and seven
domestic destinations with two ATR 72 aircraft leased from France. 

``We will plan to lease some more aircraft and fly to more destinations,'' he
said.