Telenor Continues Myanmar Exit With $53 Million Sale of Wave Money Stake
17 Gennaio 2022 - 9:05AM
Dow Jones News
By Dominic Chopping
Telenor ASA said Monday it has agreed to sell its 51% stake in a
Myanmar mobile financial-services provider in a further step toward
exiting operations in the country following last year's military
coup.
The Norwegian telecom provider said it will sell the stake in
Digital Money Myanmar Ltd., known as Wave Money, to a consortium of
investors led by Myanmar-focused conglomerate Yoma Strategic
Holdings Ltd. for $53 million.
When the transaction is concluded, Yoma Strategic will become
the largest and controlling shareholder of Wave Money, ensuring
that the company continues operations and further extends its role
in Myanmar's fintech sector, Telenor said.
Telenor last year agreed to sell its mobile operations in
Myanmar to Lebanese investment firm M1 Group for $105 million, with
the country facing a worsening economic and business environment
outlook and a deteriorating security and human-rights
situation.
Wave Money was launched in November 2016 as a joint venture
between Yoma Bank and Telenor. Monday's agreement completes a
divestment process announced in June 2020, when Telenor sold a
34.2% stake in Wave Money for $76.5 million.
The transaction is subject to various conditions, including
regulatory approval from the Myanmar Central Bank.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
January 17, 2022 02:50 ET (07:50 GMT)
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