Myanmar junta approves Telenor sale to M1 and its affiliate firm

Reuters reported that Lebanon’s M1 Group will join with a Myanmar firm to take over Norwegian telecom giant Telenor in the Southeast Asian nation after the country’s military government sought a local bidder.
Since the junta is placing stress on telecom and internet corporations to install monitoring technologies, one of Myanmar’s largest overseas investors, Telenor, said in July that it was promoting its property for US$105 million to M1 Group, exiting a country that has descended into turmoil since a military takeover in February last yr.
Its senior executives were additionally prohibited from leaving the nation. At the identical time, navy leaders turned down the sale to M1 on their own, regardless of numerous Myanmar firms having additionally expressed interest in buying Telenor Myanmar’s operations.
Now, M1 has discussed forging a partnership with a neighborhood conglomerate with holdings in gem mining and gasoline stations, Shwe Byain Phyu, whose chairman is a director of the military-owned telecom agency Mytel, and it has been approved by the junta.
The directive didn’t specify why, but insiders declare that the junta most well-liked a local bidder for the telecoms behemoth, though M1 is owned by the household of the Lebanese PM Najib Mikati.
According to ติดตั้งโซล่าเซลล์Huawei , the two companies submitted a joint bid to take over the Telenor operation, which was agreed upon by the junta leadership a month later. The new company might be referred to as Atom..

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