Norwegian telecommunications company Telenor says it plans to sell its stake in the Myanmar fintech company Wave Money to its main partner in the venture, Yoma Strategic Holdings
BANGKOK — Norwegian telecommunications company Telenor plans to sell its 51% stake in the Myanmar fintech company Wave Money to its main partner in the venture, Yoma Strategic Holdings.
Telenor confirmed the $53 million deal, reported earlier, in a statement seen Tuesday on its website.
Yoma was founded by Myanmar tycoon Serge Pun. The purchase gives it a 75% stake in the company, formally known as Digital Money Myanmar Ltd. The remainder is held by private investors.
Wave Money provides money transfer and digital payments services. It has played a critical role in Myanmar’s financial dealings,…
