Last week, the military junta in Myanmar gave Telenor regulatory approval to the sale of its Myanmar business to Lebanese M1 Group, a company spokesperson has said to Myanmar Now.
The news agency writes that Telenor spokesperson Cathrine Stang Lund said to Myanmar Now that the company “has received and is currently assessing” a letter from the Post and Telecommunications Department (PTD) under the junta’s Ministry of Transport and Communications regarding the regulatory approval process.
“It is important to note that a PTD approval is only one step in the total approval process and we are still awaiting final regulatory approval for the transaction between Telenor and M1 Group,” Cathrine Stang Lund said.
Myanmar Now writes that it is their understanding that Telenor after this approval from PTD, will submit an application to the Myanmar Investment Commission to complete the paperwork for the transfer of shares to M1 Group.
Moreover, the news agency writes that leaked documents show that the final owner of Telenor Myanmar will be Investcom Myanmar which is a joint venture between M1 and Shwe Byain Phyu. The Myanmar company will own a majority stake in the new partnership.