REG - ANA Holdings Inc - Cancellation of Equity Investment in AWA <Origin Href="QuoteRef">9202.T</Origin>

ANA HoldingsAnnouncement

06/09/2014 22:37

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RNS Number : 7141N
ANA Holdings Inc
30 July 2014 
 
July 30, 2014 
 
Company Name:  ANA HOLDINGS INC. 
 
Representative:  Shinichiro Ito, President & CEO 
 
(Code No:  9202 TSE 1st section) 
 
Inquiries:  Kazuyuki Imanishi, Director of General Administration & CSR
Promotion 
 
(Tel.  03-6735-1001) 
 
Notice of Cancellation of Equity Investment in Asian Wings Airways Limited 
 
At today's Board of Directors meeting, ANA HOLDINGS INC. (hereinafter ANAHD)
decided not to proceed with its planned equity investment in the Myanmar-based
airline Asian Wings Airways Limited (hereinafter, "AWA"), first announced on
August 27, 2013. Details are as follows. 
 
1. Reasons for canceling investment 
 
The Board of Directors first decided, on August 27, 2013, to make an equity
investment of   US$25 million (about ¥2.5 billion) and to acquire a 49% stake
in AWA during fiscal year 2013. Later, competition between new and old
airlines in Myanmar has intensified, bringing rapid changes in the external
environment, and calling into question the assumptions made at the time of the
original decision. Ultimately, negotiations for the capital participation with
AWA were unable to reach an agreement, and the investment plan was canceled as
a result. 
 
2. Outlook 
 
ANAHD has abandoned its plan to make this investment. No change has been made
to ANAHD's earnings forecast for FY2014, as published on April 30, 2014. 
 
END 
 
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