Telenor to divest more Myanmar businesses

Telenor to divest more Myanmar businesses

An empty street is pictured near Shwedagon Pagoda on December 10, 2021. (Photo: AFP)
An empty street is pictured near Shwedagon Pagoda on December 10, 2021. (Photo: AFP)

Norwegian cell phone operator Telenor said Monday it is also selling its stake in a digital payment service in Myanmar following the military coup in the Asian country.

Telenor, which has already announced the sale of its Burmese telecoms subsidiary, will sell its 51% stake in Digital Money Myanmar Limited (Wave Money) for US$53 million (€46 million), the company said in a statement.

The service allows people to make financial transactions from their mobile phones.

Yoma MFS Holdings, a subsidiary of Yoma Strategic, which is listed on the Singapore Stock Exchange and already owns 44% of Wave Money, will buy the stake and thereby take control of the company.

Telenor's announced exit from Myanmar followed last year's military coup that ousted civilian leader Aung San Suu Kyi and her government, with the phone operator saying it had become increasingly difficult to operate in the country.

The Norwegian company announced in July the sale of its subsidiary in Myanmar, Telenor Myanmar, one of the country's main operators.

The sale to Lebanese financial company M1 Group has still not been finalised, with media reports of the group facing resistance from the regime in approving the deal.

In September, Telenor accused the military junta of demanding installation of equipment in order to intercept telecommunications, a demand the operator said it had refused.

The deal announced Monday remains subject to various conditions, including approval from Myanmar's central bank.

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