Telenor, a Norwegian telecoms provider, announced on Friday that it is contemplating the future of its operations in Myanmar due to the country’s deteriorating commercial and security circumstances. Telenor Group said in a statement that it is “in the midst of examining various possibilities with regards to its presence in the country” due to the ongoing situation.
TMT Finance, a trade newspaper, said on Thursday that Telenor was considering selling its Myanmar business, and that Citi had been engaged to sell it, with non-binding offers due in the coming weeks.
On condition of anonymity, a source with firsthand knowledge of the situation verified to Reuters that the TMT Finance report’s detail was correct.
Telenor wiped off the value of its Myanmar operation in May after the military coup on Feb. 1 significantly hampered its mobile operations.
(Terje Solsvik contributed reporting, and Gwladys Fouche edited the piece.)
Reuters is the source of this information./n
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