Telenor Group last week announced that it has sold its Myanmar operations to the Lebanese investment firm M1 Group for US$105 million.
Since operations started in 2014, Telenor’s funding to Myanmar has been around 5.3 billion NOK. After turning cashflow positive in 2017, Telenor Myanmar has distributed approximately 3.2 billion NOK in dividend. With effect from second quarter of 2021, Telenor Myanmar will be treated as an asset held for sale and discontinued operations. The gain/loss calculation arising from the transaction will be impacted, inter alia, by the accumulated translation differences related to the Myanmar operation and will be finally determined at closing.
Sigve Brekke President and CEO of Telenor Group
The agreement to sell to M1 Group will ensure continued operations. Telenor entered Myanmar because we believed that access to affordable mobile services would support the country’s development and growth. I wish to thank all employees and partners who have taken significant efforts to build a company that has impacted the people of Myanmar and has provided state of the art telco services during Telenor’s years in the country.
