Telenor reportedly exploring sale of Myanmar division

2 Jul 2021

Norwegian telecoms group Telenor is reportedly exploring the potential sale of its Myanmar division, Reuters writes, citing TMT Finance. In May this year Telenor Myanmar was written off by the group, which registered an impairment loss of NOK6.5 billion (USD753.9 million), citing the ‘worsening of economic and business environment outlook and a deteriorating security and human rights situation’ following the military coup in February, adding that it saw ‘limited prospects of improvement going forward’. Since seizing power, the military junta has imposed severe restrictions on internet access nationwide, with intermittent shutdowns and a complete blackout of mobile internet services for nearly two months. The junta is now understood to be looking to establish a whitelist, permitting access only to certain selected websites and services.

According to the TMT report, some Chinese firms have been invited to bid with the expectation that they would not be subject to international sanctions faced by other companies. Telenor Myanmar’s Qatari-backed rival Ooredoo Myanmar was also said to be interested in acquiring the business.

Myanmar, Atom Myanmar (formerly Telenor), Ooredoo Group, Ooredoo Myanmar, Telenor Group