Ooredoo plans to sell Myanmar unit to Singapore-based firm

Ooredoo plans to sell Myanmar unit to Singapore-based firm
Published 6 September 2022
Reuters

Qatari telecommunications company Ooredoo (ORDS.QA) is planning to sell its Myanmar operations to Singapore-headquartered technology firm The One Matrix Ventures (TOMV), Reuters news agency reported by quoting the sources from three people with direct knowledge of the matter.

Norway's Telenor (TEL.OL) withdrew from the country in March this year in a departure mired in difficulty.

The sources said that TOMV is in talks with several potential partners in Myanmar to join the deal to help secure regulatory approval, without providing further details.

TOMV, which is focused on telecoms infrastructure and technology, was founded and is headed by Myanmar businessman Myo Myint Ohn, who has also led Singapore telecommunications firm Campana Group.

One of the sources said that Doha-based Ooredoo had informed Myanmar's Posts and Telecommunications Department (PTD), the country's regulator, of its intention to sell its operations to Myo Myint Ohn but not yet asked for official approval.

The deal is dependent on receiving regulatory approval, the people with knowledge of the matter said.

The people, who declined to be named due to confidentiality constraints, did not put a value on the size of the potential sale.