Qatar-based telecommunications company Ooredoo is in talks to sell its Myanmar business amid a deteriorating economic and political environment in the country, Reuters reported, citing insiders. It will be the last exit of a foreign telecom brand in the country, after Norway’s Telenor announced its exit earlier this year, writing off $782 million. According to the report, Ooredoo has informed Myanmar’s Ministry of Posts and Telecommunications as the regulator that it intends to sell Myanmar’s third-largest operation with nearly 15 million users in 2020 before the industry was disrupted by the February 1, 2021 military coup business sector. . Among potential buyers…
Qatar-based telecommunications company Ooredoo is in talks to sell its Myanmar business amid a deteriorating economic and political environment in the country, Reuters Quoting industry insiders.
This will be Norway’s last foreign telecom brand to exit after Telenor call it quits Earlier this year, $782 million was written off.
According to the report, Ooredoo has informed Myanmar’s Ministry of Posts and Telecommunications as the regulator that it intends to sell Myanmar’s third-largest operation with nearly 15 million users in 2020 before the industry was disrupted by the February 1, 2021 military coup business sector. .
Potential buyers for the company include Myanmar conglomerate Young Investment Group, Singapore-based network infrastructure operator Campana Group and telecommunications company SkyNet owned by junta-affiliated conglomerate Shwe Than Lwin, the report said.
Telecom industry under pressure
Since the military seized power, Myanmar’s telecommunications sector, which was previously one of Asia’s fastest-growing markets, has come under increasing pressure. Mobile data remains off in parts of the country following nationwide internet restrictions throughout 2021.
Ooredoo originally had Commitment After obtaining a 15-year license in 2013, it will invest US$15 billion to roll out a telecommunications network in Myanmar.
Only military-controlled telecommunications companies remain
Telenor sold its Myanmar unit to junta-affiliated Shwe Byain Phyu, with a minority stake bought by Lebanese investment firm M1. The name of the local unit has been changed to ATOM. The Norwegian company said it sold the Myanmar company to avoid EU sanctions after “continuous pressure” from the military government to activate interception surveillance technology.
Other telecom service providers in the country include state-backed major operator MPT and Mytel, a joint venture between Myanmar’s military and Viettel, which is owned by Vietnam’s Ministry of Defense.
