First Myanmar Investment (FMI) has sold its 10 percent stake in FMI Air Limited to SPA Aviation Holdings for MMK 7.9 billion. According to an article in Dealstreet Asia, the move comes about 10 months after the airline halted its domestic operations. It’s not immediately clear what the plans are for the future of the carrier. In an announcement, FMI said it will use the funds to reinvest in the company’s core business sectors. The key sectors include tourism, healthcare, real estate and financial services. “In view of the challenging economic environment in the Myanmar aviation industry, it is the best interest of the company to move away from the aviation business and reinvest the funds in the group’s core business sectors,” FMI said in its filing. In Myanmar’s saturated domestic aviation market, two other airlines – Air Bagan and Apex Airlines – have halted operations in recent years. Analysts say the industry needs to consolidate further in order for it to be profitable.