Burma authorizes sale of subsidiary of Norwegian operator Telenor to Lebanese M1

Burma's military junta authorized the sale of Norwegian telecom giant Telenor's local subsidiary to Lebanese group M1, both companies said on Friday.

“The M1 group has been informed that the Burma Investment Commission has approved the Telenor group's request for the sale of Telenor Myanmar to Investcom PTE Ltd, a subsidiary of the M1 group,” the Lebanese firm said in a statement.

In another statement, the Norwegian telecommunications group stated that the sale had received “final regulatory approval”.

Telenor announced in July the sale of its Burmese subsidiary for $105 million as a result of the military coup d'état in February 2021, which triggered a wave of repression with more than 1,600 deaths and 11,000 detainees.

Numerous Western companies have announced their departure from Burma after the coup, such as oil companies TotalEnergies and Chevron, the British cigar company BAT and the Japanese brewer Kirin.

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