5 December 2000 YANGON – Singapore-based Region Air has signed a long-term joint venture agreement with Myanmar Airways International in a move which will see the Ong Beng Seng-controlled company take a 49 percent stake in the Myanmar airline.
The agreement, signed on November 29, will see Region Air, a company engaged in the business of leasing, buying and selling of aircraft and also in the maintenance and operation of aircraft for airlines, provide management, marketing, accounting, finance strategy and cost control, technical and operations management.
This arrangement comes into effect on January 1, 2001.
Chairman of MAI, U Maung Maung Ohn, said, "We are extremely pleased to have Region Air as an investor and partner. They have a very successful track record in assisting airlines in developing and newly developed countries all over the world.
"We have every confidence that they will apply this good experience to make MAI a premier Asian airline."
Chairman of Region Air Myanmar, George Yin Soon added, " MAI is a lesser known but good airline as it is. What we want to do with the help of our Myanmar partners is make a good airline into an even better known and better airline.
"We will look into upgrading systems and procedures and in introducing new technology which will allow better inventory and yield management and load factors.
"We have also not forgotton the people factor and one of the objectives we have set ourselves is to provide opportunities for the many well qualified and talented Myanmar nationals to be further trained to fill key positions over a period of time."