Japan's ANA to buy stake in Burmese carrier

Japan's All Nippon Airways (ANA) has said it will acquire a 49% stake in Asian Wings Airways (AWA), an airline based in Myanmar, also known as Burma.

The Japanese airline will pay 2.5bn yen ($25m; £16m) for the stake.

It is the first time a foreign carrier has invested in a Myanmar-based commercial airline.

Firms have been keen to enter Myanmar, seen as a key growth market, after political reforms led to the lifting of international sanctions.

The Japanese airline resumed flights between the two countries in October last year after a 12-year hiatus.

Yangon-based AWA was launched in 2011 and currently operates domestic flights to all major tourist destinations in Myanmar.

According to the company's website, it plans to "extend its wings to regional destinations through scheduled flights as well as chartered ones".