CORPORATE FORTUNES

Telenor Myanmar Sale Reported To Be Back On Track

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A proposed takeover of Telenor Group’s Myanmar unit by M1 Group was reportedly reignited after the latter met conditions imposed by the government.

Reuters reported Myanmar authorities approved a deal for M1 Group to partner with Shwe Byain Phyu Group, which will take a majority stake.

Shwe Byain Phyu Group chair Thein Win Zaw is a director of Mahar Yoma, one of the companies owning shares in military-owned operator Mytel, Reuters stated.

Telenor agreed to sell the Myanmar unit to M1 Group for US$105 million in 2021, but authorities raised concerns, preferring a local buyer.

The Norwegian operator had previously booked a massive write-down on the business following political unrest in the country.

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