Reuters: Telenor is considering selling its business in Myanmar

Heiko Junge / NTB

In a recent article, the news agency Reuters reports that Norway’s Telenor is considering selling its business in Myanmar. Telenor itself states that they are considering various alternatives due to the situation in the country.

In the article, Reuters refers to the industry website TMT Finance, which writes that Telenor has hired the bank Citi as a facilitator for the transaction. Telenor however will not comment on the case and Telenor Group’s Information manager Tormod Sandstø says to media Dagens Næringsliv that Telenor does not comment on rumors and speculations. 

Back in May, Telenor experienced a first-quarter loss of NOK 6.5 billion after writing off the value of the company’s operations in Myanmar. This was a result of poorer prospects for the economy and business climate in the country, a deteriorating security and human rights situation, and few signs of improvement in the time ahead.

The company has previously stated that its future presence in Myanmar depends on the developments in the country and Myanmar’s ability to make a positive contribution to its citizens.

On 2 July, Telenor said in a company statement that it is in the process of considering various alternatives for the business in Myanmar. This should be a result of the “persistent situation” in the country. “The assessments are still ongoing and Telenor will not comment further for the time being,” the company states.

Source: E24

About Mette Larsen

ScandAsia Journalist • Scandinavian Publishing Co., Ltd. • Thailand

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