Hellish ride is not enough to put Telenor off Asia
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Telenor bows out of Myanmar
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May 9, 2021
Oslo – Since Myanmar s military ordered telecoms operators to shut their networks in an effort to end protests against its February coup, Telenor s business there has been in limbo.
As one of the few Western companies to bet on the Southeast Asian country after it emerged from military dictatorship a decade ago, the return to army rule led to a $783 million write-off last week for Norway s Telenor.
The Norwegian state-controlled firm, one of the biggest foreign investors in Myanmar, must now decide whether to ride out the turmoil, or withdraw from a market which last year contributed 7% of its earnings.
Since Myanmar’s military ordered telecoms operators to shut their networks in an effort to end protests against its February coup, Telenor’s business there has been in limbo.
As one of the few Western companies to bet on the South East Asian country after it emerged from military dictatorship 10 years ago, the return to army rule led to a $783m write-off this week for Norway’s Telenor.
The Norwegian state-controlled firm, one of the biggest foreign investors in Myanmar, must now decide whether to ride out the turmoil, or withdraw from a market which last year contributed 7 percent of its earnings.