Ooredoo lines up Myanmar unit sale

Ooredoo lines up Myanmar unit sale

Ooredoo reportedly prepared to sell its Myanmar unit to Singapore-based telecoms infrastructure company The One Matrix Ventures (TOMV).

Reuters reported, TOMV is in talks with potential partners in Myanmar to gain regulatory approval for the deal, which is vital to get it over the line, according to sources.

Ooredoo told Myanmar's Posts and Telecommunications Department (PTD) of its intentions to sell operations to TOMV, and informed the regulator of its intentions to sell up in July.

Ooredeoo is Myanmar’s third largest operator with 15 million subscribers at the end of 2020 before the military coup was staged in February 2021.

Other previous mooted potential buyers included Myanmar conglomerate Young Investment Group, operator Campana Group, and SkyNet,

If the deal goes ahead, Ooredoo becomes the latest company to exit Myanmar after the military coup launched last year. Norway-based Telenor pulled out from the country in March.

TOMV executive director Alan Sinfield told Reuters he was not able to comment.

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