1 minute ago by Reuters1 minute ago by Reuters1 minute ago by Reuters1 The Telenor flag flutters beside the company’s headquarters in Fornebu, Norway, on June 1, 2017. REUTERS/Ints Kalnins/File Photo REUTERS/Ints Kalnins/File Photo OSLO, Norway (Reuters) – Telenor, a Norwegian telecommunications company, announced on Thursday that it has sold its Myanmar business to M1 Group, a Lebanese investment firm, for $105 million. “The decision to divest the firm is based on further deterioration of the situation and recent developments in Myanmar,” Telenor said in a statement. After seeing its mobile operations severely curtailed following the Feb. 1 military takeover, Telenor wiped off the value of its Myanmar unit in May, posting a loss of 6.5 billion Norwegian crowns ($752 million). According to Telenor Chief Executive Sigve Brekke, the transaction has an implicit enterprise value of around $600 million, and the sale to M1 group will ensure the company’s continued operations. “The situation in Myanmar has been increasingly problematic for Telenor in recent months for reasons of human security, regulatory compliance, and compliance,” Brekke added. Victoria Klesty contributed reporting, while Kim Coghill and Tom Hogue edited the piece./n
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