Norway's Telenor gets go-ahead to sell Myanmar venture
ABC News
Norwegian telecoms giant Telenor says regulators in Myanmar have approved its plan to sell its business there
BANGKOK -- Norwegian telecoms giant Telenor said Friday that regulators in Myanmar have approved its plan to sell its business there.
After the military ousted Myanmar’s elected government last year, Telenor Group announced it would sell its business there to the M1 Group, a Lebanese-based investment firm. It also wrote off the value of the business.
Telenor’s statement issued Friday did not mention the buyer by name, but said Myanmar authorities had approved the sale and it expects the deal to be “closed shortly.”
“The change of ownership will have no immediate impact on customers, employees or partners of Telenor Myanmar. The transaction amounts to a transfer of 100% of the shares of the company to the new owner," Telenor said.
