Yongnam / Yoma

Yongnam / Yoma: Hopeful investors in Yongnam were left disappointed after the group announced that its consortium comprising Yongnam, Changi Airport Planners and Engineers (CAPE) and JGC Corporation (JGC), has not been successful in its tender bids to design, construct, operate and maintain Yangon International Airport (YIA) and Hanthawaddy International Airport (HIA). The first tender was awarded to a consortium led by the Incheon International Airport Corp (IIAC) to construct the Hanthawaddy International Airport as a second hub for the country's commercial centre Yangon. As a consolation, the Yongnam-CAPE-JGC consortium has been named as back-up tenderers for both airports abd will provide further updates should there be any further developments. Separately Yoma’s subsidiary, SPA project management, together with its consortium comprising Mitsubishi Corporation and JALUX Inc, has been selected as the successful tenderer to upgrade and operate the Mandalay International Airport and is invited to negotiate the contract. SPA will hold a 5% interest in the joint venture and the initial equity contribution by all the parties will be around US$3.38m.