Telenor sale of Myanmar business stalls as junta seeks local buyer participation

Telenor’s plans to sell its Myanmar business to Lebanon’s M1 Group have been stalled as Myanmar’s military junta have indicated it favored at least part-ownership by a local company, according to people familiar with the matter.

Financial Times writes that Telenor’s proposed sale to M1 Group has not been officially ruled out, but the sources told the media outlet that the military junta had compelled the Norwegian telecom giant to sell to a Maynmar-controlled company. 

In a response to whether Telenor was considering alternative buyers, the company said, “Telenor is still awaiting Myanmar authority’s formal response” while M1 Group refused to comment “beyond confirming that the process is still ongoing”. 

 

About Gregers Møller

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

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