Sale of Telenor’s Myanmar unit stalled as junta said to prefer local buyers

Photo by Tony Stoddard on Unsplash

Plans by Norway’s Telenor to withdraw from Myanmar by selling its telecom operations there to a Lebanese firm have stalled after the junta indicated it favoured at least part-ownership by a local company, according to people familiar with the matter.

Telenor, one of the biggest foreign investors in Myanmar, announced in July it was selling its local operations to M1 Group for $105 million, retreating from a country that has slid into chaos after a military coup.

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