- July 9, 2021
- Posted by: Stratford Team
- Category: Business
Norwegian telco Telenor has quit Myanmar, selling its network there because the recent military coup has made it impossible to operate on its terms in the nation.
A statement about the sale notes that Telenor had already written down the value of its Myanmar operation to $0.
At the time of the write-down in May, Telenor valued the Myanmar assets at $780m and said it would ponder its future presence in Myanmar depending on “developments in the country and the ability to contribute positively to the people of Myanmar” by offering “affordable mobile services [that] support the country’s development and growth.”
Company president and CEO Sigve Brekke now rates conditions in the nation as “increasingly challenging for Telenor for people security, regulatory and compliance reasons.”
“We have evaluated all options and believe a…