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Telenor bails from Myanmar, sells ops to M1 Group for $105 million
- Thursday | 8th July, 2021
Telenor, one of the biggest foreign investors in Myanmar, sold its Myanmar operations to Lebanese investment firm M1 Group for $105 million, announcing its retreat from a country that slid into chaos after a military coup in February. Private equity company CVC said in February it would buy IGT from M1 Group and other shareholders. “We have had multiple dialogues with Telenor on this and this undoubtedly presented a considerable dilemma for the company,” she told Reuters. It has around 18 million customers in Myanmar, serving a third of its 54 million population. Mads Rosendal, senior analyst at Danske Bank Credit Research, said the price tag was low, given how much Myanmar has contributed to Telenor’s earnings.
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