May 29, 2022

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Telenor Myanmar sale completed

Telenor Myanmar sale completed

Telenor will first receive around 450 million NOK for sale. 450 million crowns, equivalent to 50 million US dollars.

Telenor wrote in a stock exchange announcement Friday morning that the remaining $55 million Telenor will receive through the sale will be settled in five equal installments over the next five years.

It was announced last week that Myanmar authorities have agreed to sell Telenor to Telenor Myanmar.

Military coup

The deal comes after the country’s military coup in the new year last year. Telenor explained that the background to the sale was that the Myanmar Military Council was demanding that it be allowed to monitor mobile communications.

The buyer is the Lebanese M1 group. Myanmar authorities have set a condition that M1 Group have a local partner as co-owner of Telenor Myanmar following the termination of the transaction between Telenor and M1.

The local majority owner of the M1 is Shwe Byain Phyu, who has been accused of having close ties with the junta. Shwe Byain Phyu will soon own 80 percent of the shares in Telenor Myanmar.

Telenor said last week that the agreement they are making is only between them and the M1.

Telenor has not been a party to any dialogue between M1 and its local partner, Telenor CEO Sigve Brekke said.

critic

The Telenor Myanmar sale has received heavy criticism over concerns that Myanmar authorities will be able to access user data from customers.

SV has asked the Minister of Trade and Industry to submit a report to Parliament on the sale of state-owned Telenor to its subsidiaries. The Liberal Party also criticized the sale.

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The Norwegian Church Aid has stated that it is Concerns that the sale could put lives at risk.

The people in Myanmar are now terrified of what the consequences will be. If sensitive personal data is resold, Telenor could put people’s lives at risk, said Lisa Seifertsen, head of policy and communications at Norwegian Church Aid.