Local airline FMI Air will suspend its services as of July 20, after less than six years in operation, according to a local report, citing a company spokesperson. The company refused to elaborate, saying more information would be released soon. The airline was founded by prominent businessman Mr Serge Pun in September 2012 and initially flew between Yangon and Nay Pyi Taw, but has since expanded its operations to six destinations. The airline operates two ATR-72 and two Bombardier CRJ200 aircrafts. While First Myanmar Investment Co.,Ltd., a public company listed on the Yangon Stock Exchange, initially owned a 50 percent stake in the airline, it sold 40 percent to Yangon Land in 2015, while refocusing its strategy to three key sectors: financial services, healthcare and real estate. Reports emerged earlier this month that FMI was in talks with AirAsia Group to establish a low-cost carrier in Myanmar, which would fly under the AirAsia brand. The deal fell through due to opposition from Myanmar’s Department of Civil Aviation. The Myanmar Times suggested that the Department of Civil Aviation blocked the deal in order to protect the local airline industry as Air Asia was planning to offer domestic flights as well.