Telenor's fire sale of troubled Myanmar unit includes $100m in funds

Telenor's 37th LightHouse follows the mission of digital literacy in Myanmar. Photo: Telenor.

Norway’s Telenor is planning to transfer $100 million held by its troubled Myanmar operations to the unit‘s new buyers – an amount roughly equivalent to how much it will be paid over five years, three people with knowledge of the deal’s terms said.

The previously undisclosed detail of the controversial sale underscores the urgency of an exit from a seven-year-long investment. Telenor, 54% owned by the Norwegian government, has said continued ownership could subject it to EU sanctions and endanger its remaining staff in military-ruled Myanmar.

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