Telenor to divest more Myanmar businesses

Norwegian cell phone operator Telenor said Monday it is also selling its stake in a digital payment service in Myanmar following the military coup in the Asian country.

Telenor, which has already announced the sale of its Burmese telecoms subsidiary, will sell its 51% stake in Digital Money Myanmar Limited (Wave Money) for US$53 million (€46 million), the company said in a statement.

The service allows people to make financial transactions from their mobile phones.

Yoma MFS Holdings, a subsidiary of Yoma Strategic, which is listed on the Singapore Stock Exchange and already owns 44% of Wave Money, will buy the stake and thereby take control of the company.

Telenor’s announced exit from Myanmar followed last year’s…