Norwegian telecom giant Telenor has announced the sale of its operations in Myanmar to Lebanese investment company M1 Group for $ 105 million, the company announced on July 8. The current situation and the deteriorating situation in Myanmar are the main reason why the company decided to leave, Telenor said in a statement.
In May this year, Telenor announced a loss of $ 752 million (KR 6.5 billion) after severe restrictions on mobile services in Myanmar since February 1. The deal could be worth about $ 600 million indirectly, and M1 Group will take over all of Telenor’s stake in Myanmar and resume its current operations. The situation in Burma has become more difficult for Telenor in recent months due to public safety and regulatory reasons, said Telenor chief executive.
Telenor is also one of the largest foreign investors in Myanmar. Telenor, a Norwegian state-owned telecommunications company, also operates in Scandinavia, Bangladesh and India. Pakistan Thailand It also operates in Asian countries, including Malaysia and Myanmar, with 187 million users. In Myanmar, which has a population of 54 million, Telenor has about 18 million users, a third of the population.
Source: Daily Eleven