Game over: Qatar’s Ooredoo to sell Myanmar unit
Qatari telecommunications company Ooredoo is about to sell its Myanmar operations to Singapore-headquartered technology firm The One Matrix Ventures, Reuters reported, referring to insiders.
Ooredoo is the last remaining majority foreign-owned telecom company in Myanmar after its main competitor, Norway’s Telenor, retreated from the country in March this year in a departure that resulted in a write-off of its entire investment of $782 million.
The sources said that The One Matrix Ventures is in talks with several potential partners in Myanmar to join the deal and to help secure regulatory approval, without providing further details.
Backed by Myanmar businessman
The company is a newly created firm focusing on telecom infrastructure and technology headed by Myanmar businessman Myo Myint Ohn, who also has founded and heads Singapore telecommunications firm Campana Group, a data network infrastructure operator with a focus on Myanmar and Thailand.
Ooredoo had already informed Myanmar’s Posts and Telecommunications Department of its intention to sell its operations to The One Matrix Ventures, but not yet asked for official approval.
The value of the potential transactions has not been clarified yet.
Ooredoo did not respond to a request for comment, Reuters wrote.
Qatari telecommunications company Ooredoo is about to sell its Myanmar operations to Singapore-headquartered technology firm The One Matrix Ventures, Reuters reported, referring to insiders. Ooredoo is the last remaining majority foreign-owned telecom company in Myanmar after its main competitor, Norway’s Telenor, retreated from the country in March this year in a departure that resulted in a write-off of its entire investment of $782 million. The sources said that The One Matrix Ventures is in talks with several potential partners in Myanmar to join the deal and to help secure regulatory approval, without providing further details. Backed by Myanmar businessman The...
Qatari telecommunications company Ooredoo is about to sell its Myanmar operations to Singapore-headquartered technology firm The One Matrix Ventures, Reuters reported, referring to insiders.
Ooredoo is the last remaining majority foreign-owned telecom company in Myanmar after its main competitor, Norway’s Telenor, retreated from the country in March this year in a departure that resulted in a write-off of its entire investment of $782 million.
The sources said that The One Matrix Ventures is in talks with several potential partners in Myanmar to join the deal and to help secure regulatory approval, without providing further details.
Backed by Myanmar businessman
The company is a newly created firm focusing on telecom infrastructure and technology headed by Myanmar businessman Myo Myint Ohn, who also has founded and heads Singapore telecommunications firm Campana Group, a data network infrastructure operator with a focus on Myanmar and Thailand.
Ooredoo had already informed Myanmar’s Posts and Telecommunications Department of its intention to sell its operations to The One Matrix Ventures, but not yet asked for official approval.
The value of the potential transactions has not been clarified yet.
Ooredoo did not respond to a request for comment, Reuters wrote.
