YCNews

Norwegian Telecom cut its valuation for its Myanmar operations to zero from $783 million

Norwegian Telecom cut its valuation for its Myanmar operations to zero from $783 million

Min Aung Rai, Chairman of the National Management Council of Myanmar, addresses the 9th plenary meeting of the National Governing Council in Naypyitu on 26 April 2021

Telenor said in its first-quarter results on May 4th that it had reduced the valuation of its Myanmar operations from 6.5bn Norwegian kroner ($783m) to zero, given the current political situation in the country, and that it would move out of its head office’s quarterly and annual results.

“At a time when the security situation in Myanmar is deteriorating, the economic and business environment is poor and we see no prospect of improvement in the short term, we have reduced the valuation of our Myanmar operations from NOK 6.5 billion to zero and have included this loss in our first quarter results,” the company said. The company said: “Due to limited knowledge of developments in the country, we have excluded Myanmar from this year’s overall plan.” ”

Mobile Internet functions in Myanmar were shut down by the telecommunications sector on 15 March and have not yet been restored.

Norwegian Telecom entered the Myanmar market in 2014 and is currently one of the country’s four largest telecommunications operators. It is understood that the company’s Myanmar business is still operating normally and has not been affected by the lower valuation.

Exit mobile version