EU and Norwegian sanctions limit options for Telenor Group in Myanmar
In a recent statement, Telenor Group emphasizes European Union and Norwegian sanctions as one of the reasons for its decision to exit Myanmar. The regulatory approval process for the sale of all the shares of Telenor Myanmar to M1 Group is ongoing.
Ongoing process does not impact operations
Telenor Myanmar’s operations and service offerings are not affected by the proposed change in ownership. A transaction between M1 Group and Telenor Group, which is subject to regulatory approval, means that operations continue and customers continue to be served. Unless explicitly terminated, all existing contracts including contracts with employees and partners are carried forward.
European and Norwegian sanctions vs. local law
In its statement, Telenor Group explains that continued presence in Myanmar would require activation of equipment subject to European and Norwegian sanctions. Telenor Group as owner will adhere to these sanctions and activation is therefore not possible for Telenor Group. Telenor Myanmar, as a licensed entity registered in Myanmar, must observe Myanmar law and directives. The current situation raises dilemmas and ultimately means that Telenor Group cannot remain an owner of Telenor Myanmar.
Sale considered least detrimental option
Telenor Group has stated that it has explored all options to continue its ownership in Telenor Myanmar, but that this has not been possible. According to the Group, a sale of the shares has been considered the least detrimental solution in the current situation.
TML continues to serve the people of Myanmar
Telenor Myanmar is proud to have been part of connecting the people of Myanmar for seven years. We remain committed to this mission as the company is going through this process. We want extend our gratitude to customers, employees and partners who continue to stand with us and help us deliver on this mission every day.
