Telenor Myanmar Limited has changed its name to Atom Myanmar Limited starting from 30 May 2022, according to the company’s announcement.
“The change of the company name is to reflect the post-transaction situation,” the company said, “with this change, ATOM MYANMAR LIMITED will keep up the strength of our capabilities in the wide market and provide better communications services and more business opportunities for entities and individuals. Other than the name change, there will be no effect on the range of services and products.”
In July 2021, Telenor Group sold 100 percent of its mobile operations in Myanmar to the Lebanon-based M1 Group for a total consideration of USD 105 million, of which USD 55 million is a deferred payment over five years. The transaction corresponds to an implied enterprise value of approximately USD 600 million.
For the Myanmar market, M1 Group is partnering with the Shwe Byain Phyu (SBP) Group, through Investcom PTE, which is the new entity that will take over ownership.
Currently, the telecom sector in Myanmar, who saw rapid growth until 1 February 2021, is struggling with low internet traffict as data rates have been doubled. Out of the four telecoms in Myanmar, MyTel faced tremendous challenges as armed revolution groups have destroyed many telecom towers owned by MyTel.