M1 Group announced that the Myanmar Investment Commission has approved Telenor Group’s application for the sale of Telenor Myanmar to Investcom PTE Ltd., an M1 Group affiliate.
M1 Group said that it will be working with Telenor Group and all stakeholders to ensure continuity, stability, and reliability for all Telenor Myanmar customers, employees, and business partners; and will close the transaction as soon as possible.
“We are pleased with the outcome of the official decision. M1 Group is committed to supporting Investcom PTE in providing essential communications services and investing to develop the telecommunications infrastructure, even in the face of the most challenging circumstances. Investcom will conduct business in Myanmar purposefully to benefit the people of Myanmar, who rely on communication services as a vital function of their lives,” Azmi T. Mikati, CEO of M1 Group, said. M1 Group first announced the agreement with Telenor Group to acquire its Myanmar operations in July 2021. The decision to invest in Myanmar was based on the fundamental premise that every individual, in every country, has the right to have access to essential telecommunications infrastructure. It also reflects M1 Group’s steadfast commitment to supporting economic growth, even under the most stressful conditions, and to ensuring the development of a world-class telecom operation.
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.