AP Photo
The decision by a Norwegian telecommunications firm to pull out of Myanmar following the junta’s Feb. 1 coup d’état will deal a blow to the country’s already struggling economy and grant the military significantly more control over the privacy of its citizens, according to experts.
On July 8, Norway’s Telenor Telecommunications Co. announced that it plans to sell all of its existing services in Myanmar to Lebanese firm M1 Group. Telenor chief executive Sigve Brekke said in a statement that the company decided to leave the country after nearly a decade of doing business there because of growing challenges in terms of compliance with rules and regulations.
Norway s Telenor exits Myanmar, sells stake to military-linked firm
Norwegian telecom behemoth Telenor has sold off its Myanmar operations to the Lebanese investment firm M1 Group, a firm now on the Burma Campaign UKs ‘Dirty List’ in 2019 for business ties with the country’s brutal military.
| 10 July 2021 4:38 AM GMT
KOLKATA: Norwegian telecom behemoth Telenor has sold off its Myanmar operations to the Lebanese investment firm M1 Group, a firm now on the Burma Campaign UKs Dirty List in 2019 for business ties with the country s brutal military.
Late on Thursday, Telenor announced that it has sold its mobile operations in Myanmar to M1 group for $105 million.
Security situation has worsened since, Telenor CEO says Activists say sale leaves them vulnerable M1 Group not available for comment tmsnrt.rs/3hoGpIL (Adds quotes from Telenor CEO, activists, investor, analyst, share, bullet points, graphic)
OSLO, July 8 (Reuters) - Norwegian telecoms firm Telenor has sold its Myanmar business, blaming the difficulties of operating under the military junta and dealing a blow to activists who say they relied on the only Western operator for communications.
Telenor, one of the biggest foreign investors in Myanmar, sold its Myanmar operations to Lebanese investment firm M1 Group for $105 million, announcing its retreat from a country that slid into chaos after a military coup in February.
Telenor announces Myanmar exit
published : 9 Jul 2021 at 05:33 This file photo shows customers queue to buy Telenor sim cards at a mobile shop in Yangon. (AFP photo)
OSLO: Norwegian telecoms firm Telenor ASA has sold its Myanmar business, blaming the difficulties of operating under the military junta and dealing a blow to activists who say they relied on the only Western operator for communications.
Telenor, one of the biggest foreign investors in Myanmar, sold its operations to Lebanese investment firm M1 Group for $105 million, announcing its retreat from a country that slid into chaos after a military coup in February.
It was one of the few Western companies to bet on the Southeast Asian country after it emerged from military dictatorship a decade ago.
Norway s Telenor exits Myanmar, sells stake to military-linked firm daijiworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daijiworld.com Daily Mail and Mail on Sunday newspapers.