SINGAPORE (Nov 20): Yoma Strategic Holdings ( Financial Dashboard) has teamed up with Mitsubishi Corp and Jalux Inc to operate Myanmar's Mandalay International Airport for a period of 30 years.

The three parties formed a special purpose vehicle, MC-Jalux Airport Services Co, for the project, the first in which Japanese companies are involved in "one hundred percent private equity airport operations abroad", they said in a joint statement.

Jalux and Mitsubishi each owns 45.5% of MC-Jalux Airport Services Co, while Yoma holds the remaining 9%.

Operations are slated to commence around March next year.

The Mandalay airport is able to handle three million passengers a year. It managed only 750,000 in 2013.

"The aim of the new venture is therefore to generate further expansion of domestic and international flights to Mandalay, and consequently the increase of passenger traffic at the airport," the statement said.

Jalux has more than 50 years' experience running airport retail businesses and managing airport facilities.

In Southeast Asia, it has been operating Wattay International Airport in Vientiane, Laos, with a government corporation since 1999.

Mitsubishi will lend its expertise in the construction and operation of airport facilities and other infrastructure to the Mandalay airport project.

On its part, Yoma will offer its real estate development expertise.

Separately, Yoma said it has acquired the 20% stake in Kospa held by First Myanmar Investment Co, a company owned by Yoma chairman Serge Pun.

With the acquisition, Yoma now owns 50% of Kospa, which was set up this year to distribute refrigerated agricultural and seafood products in Myanmar.

Its joint-venture partner in Kospa is Kokubu & Co, a Japanese food distributor in business since 1712.

Yoma shares ended 2.3% higher at 67 cents yesterday.