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Framework agreement to build Myanmar airport expires: Yongnam
ENGINEERING and construction services provider Yongnam Holdings announced that a framework agreement to build a new Myanmar airport has expired, putting the future of the project in doubt.
Yongnam, part of a consortium with JGC Corporation and Changi Airports International (CAI), said that the agreement between the three companies and Myanmar's Department of Civil Aviation for the design, construction and management of Hanthawaddy International Airport had not been renewed to date as "certain issues" remain unresolved.
The company said that it will provide updates when there are new material developments.
Japanese engineering company JGC leads the consortium with a 55 per cent stake, with Yongnam holding 25 per cent and CAI holding the remaining 20 per cent.
Yongnam first announced the signing of the framework agreement on Jan 30, 2016, with the company describing the signing as an "important step towards the eventual inking of the Hanthawaddy International Airport concession agreement".
Hanthawaddy International Airport was initially estimated to be completed in 2022, and expected to have an initial handling capacity of 12 million passengers per annum, making it the largest airport in Myanmar.