Telenor signals Myanmar exit, as UN calls for urgent action

The mobile phone company says it is selling its business because of the military coup as UN officials urge more action against generals.

Telenor, the Norwegian telecommunications company, says it has reached an agreement to sell its Myanmar mobile phone business to M1 Group, exiting a country that was plunged into chaos after the military seized power in a coup on February 1. The operator will sell all its operations to M1, an investment holding firm headed by Lebanon’s richest man and a former prime minister, for $105m. “The situation in Myanmar has over the past months become increasingly challenging for Telenor for people security, regulatory and compliance reasons,” Sigve Brekke, president and CEO of Telenor Group, said in a statement. “We have evaluated all options and believe a sale of the company is the best possible solution in this situation.”