Norwegian telecom company Telenor ASA (TELNY.PK,TELN) announced Friday that the Myanmar Investment Commission has given final regulatory approval to the sale of Telenor Myanmar to M1 Group.
The regulatory approval requires M1 Group to have a local majority owner in the ownership of Telenor Myanmar following the deal closure.
Telenor expects to close the transaction as soon as possible. The business will continue to operate under the brand name Telenor Myanmar for four months and have a transition service agreement with Telenor for six months.
Telenor said its sales agreement is with M1 Group alone, and this has remained unchanged during the approval process. However, due to the requirement for a local partner, the company confirmed to the regulator that the sales agreement between Telenor and M1 does not prevent M1 from entering a local partnership.
M1 has informed Telenor that its local partner Shwe Byain Phyu has acquired 49 percent of Investcom, the Singapore-based company set up by M1 for the purchase of Telenor Myanmar.
After the deal closes between M1 and Telenor, M1 will sell additional 31 percent of Investcom shares to Shwe Byain Phyu.
Telenor said it has not been involved in any discussions between M1 and their local partner.
Sigve Brekke, President and CEO of Telenor Group, said, "Telenor has to leave Myanmar to be able to adhere to our own values on human rights and responsible business, and because local laws in Myanmar conflict with European laws. The security situation is extreme and deteriorating, and we must ensure that our exit does not increase the safety risk for employees."
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