Ooredoo Group plans to sell its division in Myanmar to Singapore-headquartered technology company The One Matrix Ventures (TOMV), Reuters reported, as the operator moves ahead with efforts to exit the country.
The news agency noted TOMV is also in talks with potential partners in Myanmar to help secure regulatory approval for the deal.
Sources told Reuters Ooredoo had already informed regulators in Myanmar it planned to sell its local division but had not yet asked for official approval.
TOMV’s founder and MD Myo Myint Ohn is also chairman of Campana Group, a Singapore-headquartered network infrastructure operator which had previously been cited as an interested party in Ooredoo’s Myanmar unit.
On its website, TOMV describes itself as a “newly-formed digital infrastructure, fintech and renewable energy investment company” with a “strong focus on the telecommunications sector”.
Reuters reported in July Ooredoo was tipped to follow rival Telenor Group out of Myanmar. At the time, a group comprising local conglomerate Young Investment Group, satellite TV provider Skynet and Campana was said to be in the frame to buy the unit.
Ooredoo’s exit would mark the departure of a second major international telecoms group from Myanmar since a coup in 2021.
Telenor reached a deal to sell its division to M1 Group in July 2021 for $105 million citing the “deteriorating situation”. It had already written-down the value of the business in the wake of the political unrest.
Other operators in Myanmar are state-owned MPT; MyTel, which also has links to government entities; and the rebranded former Telenor unit ATOM.Subscribe to our daily newsletter Back