DUBAI, United Arab Emirates--(BUSINESS WIRE)--M1 Group has been informed that the Myanmar Investment Commission has approved Telenor Group’s application for the sale of Telenor Myanmar to Investcom PTE Ltd., an M1 Group affiliate.
M1 Group will be working with Telenor Group and all stakeholders to ensure continuity, stability, and reliability for all Telenor Myanmar customers, employees, and business partners; and will close the transaction as soon as possible.
In response, Azmi T. Mikati, CEO of M1 Group, said: “We are pleased with the outcome of the official decision. M1 Group is committed to support Investcom PTE in providing essential communications services and investing to develop the telecommunications infrastructure, even in the face of the most challenging circumstances. Investcom will conduct business in Myanmar purposefully to benefit the people of Myanmar, who rely on communication services as a vital function of their lives.”
Mr. Mikati further added: “M1 Group has a decades-long track record in delivering essential services to people in emerging economies around the world. M1 Group has always, and will always, remain committed to upholding human rights, respecting the laws of the countries it operates in while advocating for consumer protection regulations, especially in terms of data security, data resilience, privacy, connectivity, roaming, and internet access. M1 Group is not shying away from extending its technical know-how to support the people of Myanmar, even amidst uncertainty. Our commitment is to ensuring everyone has access to high-quality telecommunications they can rely on.”
M1 Group first announced the agreement with Telenor Group to acquire its Myanmar operations in July 2021. The decision to invest in Myanmar was based on the fundamental premise that every individual, in every country, has the right to have access to essential telecommunications infrastructure. It also reflects M1 Group’s steadfast commitment to supporting economic growth, even under the most stressful conditions, and to ensuring the development of a world-class telecom operation.
For the Myanmar market, M1 Group is partnering with the Shwe Byain Phyu (SBP) Group, through Investcom PTE, which is the new entity that will take over ownership.
M1 Group remains committed to play a valuable role in the lives of people in Myanmar and preserving the values of care, trust, solidarity and technology edge, all while striving for advancement and social impact, remaining close to people’s hearts.
Mr. Mikati concluded: “I wish to thank the entire management team and employees of Telenor Myanmar for their tiresome efforts to build Telenor Myanmar into the market leader it is today. M1 Group firmly intends to play a valuable role in the lives of the people of Myanmar by delivering essential communications services in a purposeful, sustainable and socially responsible way. We cherish the relationships established with customers and business partners in Myanmar through Telenor’s operations and we are committed to building trust and striving for social impact and technology development to benefit the people of Myanmar.”
About M1 Group
M1 Group is an investment holding company which owns, manages, and oversees investments and subsidiaries in a diverse array of sectors, including telecommunications, real estate, fashion, and retail.
About Investcom PTE Ltd.
A joint-venture (JV) between M1 Group and the Shwe Byain Phyu (SBP) Group. The new entity (Q1 2022) took over the Telenor Myanmar telecom operations. Its main objectives are to ensure continuity, stability, and reliability for all Telenor Myanmar customers, employees, and business partners.