Myanmar military junta approves Telenor sale

Telenor decided to sell its Myanmar businesses due to the situation in the country. Myanmar’s military junta has now approved the sale, E24 writes quoting anonymous Reuters sources.

M1 Group will join forces with Myanmar’s Shwe Byain Phyu Group to take over Telenor’s operations in the country. That is what three unnamed sources told Reuters last week.

E24 writes that the military junta in Myanmar has been looking for a local buyer for Telenor’s operations in the country. In December, they approved a partnership between M1 Group and Shwe Byain Phyu Group, according to sources. Two of the sources said that Shwe Byain Phyu would be the majority shareholder.

About the matter, Telenor’s Communications director Gry Nordhus says to E24, “We are still waiting for a formal response to the application for regulatory approval from the authorities in Myanmar, and do not want to comment on rumors and speculation in the market.”

About Gregers Møller

Editor-in-Chief • ScandAsia Publishing Co., Ltd. • Bangkok, Thailand

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