Men look at the logo of Qatar Telecom Ooredoo, formerly Qatar Telecom Qtel, as they walk past the company's head office in Doha March 16, 2013. REUTERS/Fadi Al-Assaad
Doha: Ooredoo Q.P.S.C. announced Thursday that it has entered into a definitive agreement to sell 100 % ofits equity in Ooredoo Asian Investments Pte Ltd. (Singapore) ("OAI"), the parent company that owns 100% of Ooredoo Myanmar Ltd. ("OML"), and 100% of Ooredoo Myanmar Fintech Ltd. ("OMFL") to Nine Communications Pte. Ltd. ("Buyer") foran enterprise value of approximately USD 576 million and total equity consideration of USD 162 million.
The transaction 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.
CEO and Managing Director of Ooredoo Group Aziz Aluthman Fakhroo said: "Ooredoo Group has gone through an extensive business review resulting in a reassessment of its overall strategic direction. The difficult decision to divest from our Myanmar business is a direct result of this review to reshape our portfolio as a leading telecommunications company. It was important for us to make this call at a time when Ooredoo Myanmar is performing at its strongest to ensure the business continues from strength to strength. We will ensure a smooth transition with the least possible disruption adhering to all local requirements."
OML, founded in 2014 and based in Yangon, offers mobile telecommunications and Internet services to commercial and residential customers in the Myanmar
