Telenor deflates Myanmar sale speculation

Telenor deflates Myanmar sale speculation

Telenor Group has dismissed reports that it is seeking to sell its Myanmar unit while noting that the military junta’s ongoing blackout on internet services may affect its continued market presence.

Last week, TMT Finance claimed that the Norwegian group was looking to divest its Myanmar operations, with Reuters picking up on the report. Telenor has flatly stated that its subsidiary will continue providing services in Myanmar but that it will examine “various alternatives” as the situation in the market unfolds. The group did not state whether these alternatives could include a sale of the unit.

Following a military coup in February, Myanmar’s authorities have repeatedly blocked internet access, with mobile data access restricted across much of the country since 15th March. As a result of this, Telenor Myanmar registered a loss of NOK6.5 billion ($750.2 million) for Q1 2021.

Telenor’s Myanmar brought in NOK7.1 billion during 2020, up from NOK5.8 billion during 2019. These figures accounted for 6% and 5% of annual group revenue respectively.