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Ooredoo finalises Myanmar exit deal

9 Sep 2022

Qatar’s Ooredoo Group has entered into a definitive agreement to sell its Myanmar division to Singapore-based Nine Communications for an enterprise value of approximately USD576 million and total equity consideration of USD162 million. The sale comprises the transfer of the Qatari Group’s 100% stake in Ooredoo Asian Investments (Singapore) (OAI), the holding company that owns mobile provider Ooredoo Myanmar and Ooredoo Myanmar Fintech Limited (OMFL). The transaction is subject to customary closing conditions, including regulatory approvals in Myanmar.

Regarding the sale, Ooredoo Group CEO and MD Aziz Aluthman Fakhroo was quoted as saying: ‘Ooredoo Group has gone through an extensive business review resulting in a reassessment of its overall strategic direction. The difficult decision to divest from our Myanmar business is a direct result of this review to reshape our portfolio as a leading telecommunications company. It was important for us to make this call at a time when Ooredoo Myanmar is performing at its strongest to ensure the business continues from strength to strength. We will ensure a smooth transition with the least possible disruption adhering to all local requirements.’

Myanmar, Ooredoo Group, Ooredoo Myanmar

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