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OSLO: Norwegian telecoms firm Telenor has sold its Myanmar business, blaming the difficulties of operating under the military junta and dealing a blow to activists who say they relied on the only Western operator for communications.
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.
It was one of the few Western companies to bet on the South East Asian country after it emerged from military dictatorship a decade ago. Myanmar accounted for 7 percent of Telenor’s earnings last year.
“There are three reasons why we think a sale is necessary: it is the safety of our employees, but also the regulatory conditions and also that there is good compliance,” Telenor CEO Sigve Brekke told Reuters.
“When we wrote off the business in May, we felt we could still operate in the country, although it was challenging. But after that, it has worsened.”
In May, Telenor booked a loss of 6.5 billion crowns ($738 million) after seeing its mobile business in Myanmar severely restricted following the Feb. 1 military coup.
Myanmar’s junta has banned senior foreign executives of major telecommunications firms from leaving the country without permission and it is pressuring them to fully implement intercept technology that would let authorities monitor users, a source told Reuters earlier this week.
Activists expressed concern over the exit of Telenor, one of two foreign operators present alongside Qatar’s Ooredoo . The other operators in Myanmar are state-backed MPT and Mytel, which is part-owned by a military-linked company.