Skip to main content

Sale of Telenor Myanmar approved by Myanmar authorities

Written by Customer Service on . Posted in Public Companies.

(Fornebu 18 March 2022) Telenor Group has been informed that the Myanmar Investment Commission has given final regulatory approval to the sale of Telenor Myanmar to M1 Group. During the regulatory approval process the Myanmar authorities made it a condition that M1 Group should have a local partner in the ownership of Telenor Myanmar after the transaction between Telenor and M1 closes.

“Telenor has to leave Myanmar to be able to adhere to our own values on human rights and responsible business, and because local laws in Myanmar conflict with European laws. The security situation is extreme and deteriorating, and we must ensure that our exit does not increase the safety risk for employees. With limited options available, the sale of Telenor Myanmar is deemed to be the most realistic alternative to keep our employees safe. Because of the current situation, we are significantly constrained in our choices and with this approval the transaction can be finalised. Telenor has not been party to any dialogue between M1 and its local partner,” says Sigve Brekke, President and CEO of Telenor Group.

Telenor’s sales agreement is with M1 Group alone, and this has remained unchanged during the approval process. However, the regulatory approval requires that M1 ensures a local majority owner after the closing of the transaction between Telenor and M1. Telenor has confirmed to the regulator that the sales agreement between Telenor and M1 does not prevent M1 from entering a local partnership. M1 has informed Telenor that its local partner Shwe Byain Phyu has acquired 49 percent of Investcom, the Singapore-based company set up by M1 for the purchase of Telenor Myanmar. After the transaction closes between M1 and Telenor, M1 will sell additional 31 percent of Investcom shares to Shwe Byain Phyu. Telenor has not been involved in any discussions between M1 and their local partner. Sanctions screening from external consultants has assured Telenor that Shwe Byain Phyu and its owners are not subject to any current international sanctions.

“We are deeply saddened for the society and people of Myanmar who are experiencing an extremely difficult situation. Leaving Myanmar was a decision we made with heavy hearts, and I would like to thank our employees and customers for their dedication to Telenor throughout our years in Myanmar,” continues Brekke.

Telenor is in dialogue with M1 Group to ensure that customers, partners, and employees experience a smooth transition, and will close the transaction as soon as possible. The business will continue to operate under the brand name Telenor Myanmar for four months and have a transition service agreement with Telenor for six months.

Press contact:

David Fidjeland, Director Media Relations, Telenor Group

+47 93 46 72 24 | david.fidjeland@telenor.com 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.