The Norwegian telecom company Telenor has sold its operations in Myanmar to M1 Group for 105 million dollars, announcing its withdrawal from a country that descended into chaos after the military coup carried out by the army on the first of last February.
After regulatory approval, Beirut-based M1 Group will have control of one of Myanmar’s four major telecoms companies, with 19 million customers in a country of 55 million people.
Telenor has been one of the biggest foreign investors in Myanmar, and is one of the few Western companies to bet on the Southeast Asian country after it emerged from a military dictatorship a decade ago.
Telenor CEO Sigvi Brekki said, “The situation in Myanmar over the past months has become increasingly challenging for the company.”
Earlier, Telenor had said the assets it sold to M1 Group are worth $600 million.
Brothers Taha and Najib Mikati founded the M1 Holding Group. The group’s investments include stakes in the South African Telecom Company (MTN), the fashion retail sector such as pepe jeans and luxury real estate in New York, London and Monaco.
and get into Najib Mikati The appointed Lebanese Prime Minister is currently seeking to form a government in Lebanon, which is witnessing a stifling economic crisis, which the World Bank has described as “the most severe and severe in the world”, and classified it among the three most difficult crises recorded in history since the mid-nineteenth century.