Telenor Myanmar rebranded its operations ‘Atom’ following the closure of the sale of the unit by Telenor Group in March 2022 to M1 Group for $105 million.
In a brief statement, Telenor Myanmar explained the change reflects the “post-transaction situation”, noting that, other than the new name, there will be no impact on the range of services and products offered.
Telenor Myanmar is controlled by M1 Group affiliate Investcom, which is 49 per cent owned by local partner Shwe Byain Phyu.
Norway-headquartered Telenor stated in March it was working with M1 Group to ensure a smooth transition for customers, partners and employees after the sale. The business has a transition service agreement with Telenor for six months.
Following political instability in early 2021, Telenor moved to find a buyer for the unit in July, noting at the time the current environment made it impossible to “conduct an ordinary sales process”. In Q1 that year it booked an impairment loss of NOK6.5 billion ($686.5 million) on its operations in Myanmar.
Telenor stated earlier it invested a total of NOK5.3 billion into the unit since launching in 2014, with it turning cash flow positive in 2017.