Monday, September 26, 2022
HomeASEANGame over: Qatar's Ooredoo sells Myanmar business

Game over: Qatar’s Ooredoo sells Myanmar business



Qatari telecommunications company Ooredoo is close to selling its Myanmar business to Singapore-based tech firm The One Matrix Ventures, Reuters reported, citing insiders. Ooredoo is Myanmar’s last majority-owned foreign telecoms company after its main rival Norway’s Telenor exited the country in March, causing its entire investment of $782 million to be written off. The One Matrix Ventures is in talks with several potential partners in Myanmar to join the deal and help secure regulatory approvals, the sources said, without giving further details. With the support of Myanmar businessmen…

Qatari telecommunications company Ooredoo is about to sell its Myanmar business to Singapore-based tech firm The One Matrix Ventures, Reuters Reports, referring to insiders.

Ooredoo is Myanmar’s last majority-owned foreign telecoms company after its main rival Norway’s Telenor exited the country in March, causing its entire investment of $782 million to be written off.

The One Matrix Ventures is in talks with several potential partners in Myanmar to join the deal and help secure regulatory approvals, the sources said, without giving further details.

Supported by Myanmar businessmen

The company is a newly established company focused on telecommunications infrastructure and technology, led by Myanmar businessman Myo Myint Ohn, who also founded and leads Singapore telecommunications company Campana Group, a data network infrastructure operation focused on Myanmar and Thailand business.

Ooredoo has informed the Myanmar Ministry of Posts and Telecommunications that it intends to sell its business to The One Matrix Ventures, but has not yet received official approval.

The value of the potential deal has not yet been determined.

Ooredoo did not respond to a request for comment, Reuters wrote.



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