Military-owned Firm Buys Rangoon Port Terminal
5 March 2013
Military-owned conglomerate Myanmar Economic Holdings Limited (MEHL) has bought a major terminal in Rangoon Port for about US $44 million, Eleven Media reports. It cites sources in the government’s National Privatization Commission, which informed the company on Jan. 31 that it could take over the Bo Aung Kyaw Port Terminal and surrounding premises. MEHL bought the terminal in 2011 and paid for it in November. The government is in the process of divesting its wide-ranging interests in Burma’s economy. MEHL is one of many companies controlled by Burma’s powerful military. The firm also owns the contentious Letpadaung copper mine in northwest Burma with a Chinese partner.