Ooredoo in talks to sell Myanmar unit
Qatar’s Ooredoo is reportedly engaged in active conversations to sell its business units in Myanmar.
Reuters reports indicated that the conversations are already underway, and it would mark the exit of the country’s last foreign telecoms operator.
Ooredoo has already informed Myanmar’s regulator, the Posts and Telecommunications Department (PTD) of its decision to sell off its business.
The Ooredoo-owned operator is the third biggest in the country and boasted 15 million users in 2020, before the military coup in the country in 2021.
That number has since plummeted to nine million according to its latest financial results, where it recorded revenue of around US$330 million.
The country remains in a civil war, a year after the coup and its humanitarian crisis continues to worsen despite being one of Asia’s fastest-growing markets a few years ago.
Ooredoo is the last foreign-owned telco still operating in Myanmar after Telenor withdrew from the country in March.
Mobile data remains difficult to access in parts of the country after restrictions on internet usage last year.
Potential buyers are said to include Myanmar conglomerate Young Investment Group, Singaporean network infrastructure firm Campana Group and SkyNet.