Port terminal sold to MEH
One of the main terminals at Yangon Port has been sold to Myanmar's largest military-owned conglomerate for 37.9 billion kyats (Bt1.26 billion), according to the National Privatisation Commission.
Myanmar Economic Holdings (MEH), 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, one of five main ones at the port, sits on an 11-acre compound in Botataung. It was previously owned by the Myanma Port Authority, under the Ministry of Transport.
The commission notified MEH on January 31 that the terminal would be handed over. It will also arrange an official land grant for MEH.
The commission was set up to reduce state economic holdings. Most industries were nationalised after the military took power in 1962.
The commission’s tasks include analysing state enterprises before and after privatisation to determine if the country profits or not.
