A company manager was taken as hostage by a group of five masked men as they raided an oil company in Myanmar's Yangon, Myanmar News Agency reported Tuesday.

Threatening the company staff with sticks and knives, the armed men took the manager as hostage and fled the scene by car from the company office on Min Ye Kyaw Swar Street, Ahlone town, Monday night.

Two of the armed men were later captured with the hostage found in a car on Pyay road half an hour after the incident.

Investigation into the incident was underway by the police.