Myanmar Investments Forms Joint Venture To Acquire Tourism Assets

LONDON (Alliance News) – Myanmar Investments International Ltd said Tuesday that it has formed a new joint venture to invest in tourism related assets in Myanmar.

The investment company has formed a joint venture company, Myanmar Voyages Holding Co Ltd, with tourism entrepreneurs, U Thet Lwin Toh and Daw Lwin Lwin Kyaw.

The joint venture will acquire 60% of the existing travel agency business of Myanmar Voyage International Tourism Company Ltd, which was founded by the two tourism entrepreneurs. It will also acquire a hotel management agreement to run the Serenity Inle Resort from the entrepreneurs.

The entrepreneurs will continue to hold the remaining 40% stake in the travel agency.

Myanmar Voyages additionally will acquire 30% stake in Culture Attractions Ltd, which operates a static helium balloon in Kandawgyi Park, Yangon.

Myanmar Investments International expects that the acquisitions to cost up to USD2.3 million.

Shares in Myanmar Investments International were untraded Tuesday, last closing at USD1.34.

Source : Interactive investor

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