Ooredoo sells Myanmar telecoms business

09 September 2022
Ooredoo sells Myanmar telecoms business
A couple walk pass near 'Ooredoo' telecom company advertising at a roadside in Yangon, Myanmar. Photo: EPA

Qatari telecoms firm Ooredoo has sold the Myanmar part of its business to the Singapore company Nine Communications Pte Ltd, according to an Ooredoo announcement on Thursday 8 September.

It said that the transaction had an enterprise value of $576 million and a total equity consideration of $162 million.

Ooredoo said it had made the sale as part of its “strategic decisions to focus on markets where Ooredoo is leading.”

It promised “we will ensure a smooth transition with the least possible disruption adhering to all local requirements.”

The deal s subject to the customary closing conditions, including Myanmar regulatory approvals.