Yangon Airways was established in October 1996 as a domestic airline in a joint venture between Myanma Airways, the state owned flag carrier in Myanmar, and Krong-Sombat Company of Thailand. The airline bases its headquarters and maintenance station in Yangon. In October 1997, the current owner of the airline acquired the share of the Thai company, and then acquired the share of the Myanmar Airways in 2005. Thereafter, the airline became a fully privately owned airline in Myanmar. The airline then evolved into a principal domestic service carrier, operating schedule and charter flight services from Yangon to 13 prime commercial and tourist destinations in Myanmar. During the past three years, Yangon Airways has been progressively gaining market share; it has about 37% in 2007 and increased to 41% in 2008.