The authorities in Myanmar have approved the sale of Telenor Myanmar to the Lebanese M1 Group, Telenor writes in a statement.
“Telenor Group has been informed that the Myanmar Investment Commission has given final regulatory approval to the sale of Telenor Myanmar to M1 Group,” Telenor said.
“During the regulatory approval process the Myanmar authorities made it a condition that M1 Group should have a local partner in the ownership of Telenor Myanmar after the transaction between Telenor and M1 closes,” the company added.
The approval comes months after the sales agreement was entered into last summer.
About the sale, CEO Sigve Brekke said, “Telenor must leave Myanmar to comply with our values in human rights and responsible business operations, and because local laws in Myanmar are in conflict with European laws.”
He said that the security situation is extreme and is getting worse.
“The security situation is extreme and getting worse, and we must ensure that the way we leave Myanmar does not increase the security risk for our employees. With few alternatives available, we consider the sale of Telenor Myanmar to be the most realistic alternative to keep our employees safe.”
Telenor established itself in Myanmar in 2014. The subsidiary Telenor Myanmar quickly grew to become one of the country’s largest mobile operators. As of today, the company has 18 million customers in Myanmar.
Source: ABC Nyheter