Telenor Completes Sale of Myanmar Unit
March 25 2022 - 4:26AM
Dow Jones News
By Dominic Chopping
Norwegian telecommunications provider Telenor ASA said Friday
that it has completed the sale of Telenor Myanmar.
Telenor last year agreed to sell its mobile operations in
Myanmar to Lebanese investment firm M1 Group for $105 million,
after a military coup in the country led to a deteriorating
security and human-rights situation and a worsening economic and
business-environment outlook.
In line with the sales and purchase agreement, Telenor said
Friday that it has received $50 million at closing, with the
remaining $55 million to be received in equal installments over the
coming five years.
Telenor said closing of the deal will mean the reclassification
of accumulated losses related to translation differences that will
affect the income statement negatively by around 800 million kroner
($92.2 million).
In addition, de-recognizing the cash balance in Telenor Myanmar
and the proceeds received at closing will mean a net negative cash
flow impact of around NOK1.5 billion.
The deal will be booked in the first quarter.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 25, 2022 04:11 ET (08:11 GMT)
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