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M1 Group introduced that the Myanmar Funding Fee has authorized Telenor Group’s software for the sale of Telenor Myanmar to Investcom PTE Ltd., an M1 Group affiliate.
M1 Group mentioned that it is going to be working with Telenor Group and all stakeholders to make sure continuity, stability, and reliability for all Telenor Myanmar prospects, staff, and enterprise companions; and can shut the transaction as quickly as doable.
“We’re happy with the end result of the official choice. M1 Group is dedicated to supporting Investcom PTE in offering important communications providers and investing to develop the telecommunications infrastructure, even within the face of essentially the most difficult circumstances. Investcom will conduct enterprise in Myanmar purposefully to profit the individuals of Myanmar, who depend on communication providers as a significant operate of their lives,” Azmi T. Mikati, CEO of M1 Group, mentioned. M1 Group first introduced the settlement with Telenor Group to accumulate its Myanmar operations in July 2021. The choice to spend money on Myanmar was based mostly on the elemental premise that each particular person, in each nation, has the best to have entry to important telecommunications infrastructure. It additionally displays M1 Group’s steadfast dedication to supporting financial development, even underneath essentially the most annoying circumstances, and to making sure the event of a world-class telecom operation.
For the Myanmar market, M1 Group is partnering with the Shwe Byain Phyu (SBP) Group, by way of Investcom PTE, which is the brand new entity that may take over possession.
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