In August 2013, a consortium led by South Korea's Incheon International Airport Corp was named as the preferred bidder to build Hanthawaddy International Airport (HIA), but according to reports those discussions have broken down.
Yongnam said in a statement its consortium, which also includes Japan's JGC Corp, has been asked by Myanmar's Department of Civil Aviation (DCA) to enter negotiations for a 30-year public-private partnership to design, construct, operate and maintain the airport.
The statement adds: “The company will provide updates as and when there are further developments to the negotiation with the Myanmar DCA.
“The board cautions that while the company hopes to have a successful conclusion to the negotiation with the Myanmar DCA, this invitation to negotiate with the Myanmar.
“DCA may, or may not conclude successfully. Hence, shareholders should exercise caution when dealing in Yongnam shares.”
The consortium had previously submitted a proposal on February 8, 2013 to the DCA for the project, and on August 10, was named as a backup tenderer for HIA.
The order was estimated in August to be worth around $1 billion, for construction of an airport near Yangon, Myanmar's old capital and commercial centre, which is able to handle an annual passenger capacity of around 12mppa.