PHOTO
Qatari telecommunications company Ooredoo will sell its Myanmar businesses to Singapore-based Nine Communications Pte. for an enterprise value of approximately $576 million and total equity consideration of $162 million.
The transaction will see Ooredoo sell 100% of its equity in Ooredoo Asian Investments Pte Ltd., the parent company that fully owns both Ooredoo Myanmar Ltd. and Ooredoo Myanmar Fintech Ltd, the Doha-based company said in a regulatory filing on the Qatar Stock Exchange where its shares trade.
The deal has been approved by the board of directors of Ooredoo and of Nine Communications Pte. Ltd, and remains subject to customary closing conditions, including regulatory approvals in Myanmar.
Aziz Aluthman Fakhroo, CEO & Managing Director of Ooredoo Group, said the divestment was a result of a review aimed at restructuring its portfolio.
OML, based in Yangon, is a telecom operator while Ooredoo Myanmar offers mobile telecommunications and Internet services to commercial and residential customers in the country.
Nine Communications Pte. Ltd. is an SPV incorporated in Singapore owned by the Link Family Office and U Nyan Win.
(Writing by Brinda Darasha; editing by Seban Scaria)
