epa08986062 A man walks past a Telenor showroom in downtown Yangon, Myanmar, 04 February 2021. Telenor company announced that all mobile operators, international gateways and internet service providers in Myanmar received a directive on 03 February 2021 to block social media service Facebook. Myanmar?s military seized power and declared a state of emergency for one year after arresting State Counselor Aung San Suu Kyi and Myanmar President Win Myint, along with other political figures, in an early morning raid on 01 February.  EPA-EFE/LYNN BO BO

Telenor sold its Myanmar operations to Lebanese-based M1 Group for $ 105 million

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

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