Mar 6, 2013

Military firm snaps up Yangon Port terminal for $42 million

One of the main terminals at Yangon Port has been sold to Myanmar’s largest military-owned conglomerate for 37.9 billion kyats (about US$42 million), according to the National Privatisation Commission.

Myanmar Economic Holdings Limited, which also owns the controversial Letpadaungtaung copper mine with a Chinese partner, bought Bo Aung Kyaw Port Terminal in 2011 and paid in full for it last November.

The terminal is one of five main ones at the port. Situated on an 11-acre compound in Botataung Township, it was previously in the hands of Myanma Port Authority, which operates under the Ministry of Transport.

The commission officially notified Myanmar Economic Holdings Limited on January 31 this year that the terminal would be handed over to it.

The commission also said it would arrange an official land grant for it.

The commission was formed to reduce the state’s share of the economy. Most industries in the country were nationalised after the military seized power in 1962.

The commission’s tasks include analysing state-owned enterprises before and after privatisation to determine whether or not it profits the country. It has been privatising state-owned economic enterprises, buildings, land plots, factories, industries and workshops under a framework established in 1995.

Source: Eleven Weekly Media