By Dominic Chopping

 

Telenor ASA said Monday it has agreed to sell its 51% stake in a Myanmar mobile financial-services provider in a further step toward exiting operations in the country following last year's military coup.

The Norwegian telecom provider said it will sell the stake in Digital Money Myanmar Ltd., known as Wave Money, to a consortium of investors led by Myanmar-focused conglomerate Yoma Strategic Holdings Ltd. for $53 million.

When the transaction is concluded, Yoma Strategic will become the largest and controlling shareholder of Wave Money, ensuring that the company continues operations and further extends its role in Myanmar's fintech sector, Telenor said.

Telenor last year agreed to sell its mobile operations in Myanmar to Lebanese investment firm M1 Group for $105 million, with the country facing a worsening economic and business environment outlook and a deteriorating security and human-rights situation.

Wave Money was launched in November 2016 as a joint venture between Yoma Bank and Telenor. Monday's agreement completes a divestment process announced in June 2020, when Telenor sold a 34.2% stake in Wave Money for $76.5 million.

The transaction is subject to various conditions, including regulatory approval from the Myanmar Central Bank.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 

(END) Dow Jones Newswires

January 17, 2022 02:50 ET (07:50 GMT)

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