Telenor in Myanmar exit move

Telenor Group agreed yesterday to sell a remaining 51% stake in a mobile financial services provider in Myanmar in a deal that will see Norway’s biggest telecommunications firm move a step closer to exiting a country that has seen increased civilian strife since a military coup last year.

The stake in Digital Money Myanmar, also known as Wave Money, would be sold to Singapore-listed Yoma Strategic Holdings Ltd, which will lead a consortium of investors to fund the $53 million purchase, the companies said in a stock exchange filing.

Yoma Strategic is controlled by Myanmar-born property tycoon Serge Pun.

Telenor last year also agreed to sell its mobile operations in Myanmar to Beirut-based M1 Group for $105 million.