Max Myanmar Pulls Out of Dawei Project
5 July 2012
Max Myanmar, the main local partner in the Dawei deep-sea port and industrial complex in southern Burma said on Wednesday that he was pulling out of the project, according to a report by The Bangkok Post. The news added to doubts about the viability of the project, which is led by Italian-Thai Development Plc (ITD), Thailand’s largest construction company. ITD is struggling to find financial backing for the US $50-billion, 250-square-km complex. Zaw Zaw, Max Myanmar’s owner, said the company’s withdrawal from the project, in which it owns a 25 percent share, would be “gradual”.