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Tencent to invest in MySQUAR: report

Tencent has been negotiating business cooperation and potential investment with MySQUAR, a social network site in Myanmar, the Sunday Times Newspaper reported Sunday.

However, Tencent has not yet made a formal offer, according to Asia-based bankers cited by the report.

MySQUAR, the Myanmar-based company that owns a messaging app and online games, did not perform well after floating on London’s AIM market in 2015.

It shares have dropped from 10 pounds ($13.57) to 2.15 pounds, the report noted.

Tencent declined to comment on the cooperation when reached by the Global Times.