Telenor revealed that it is evaluating the future of its business operations in Myanmar due to the deteriorating security situation in the country.
Telenor wrote off the value of its Myanmar business unit in May, booking a loss of 6.5 billion Norwegian crowns ($752 million), after its mobile business remained severely restricted following the Feb. 1 military coup.
“Telenor is in the process of evaluating various options with regards to its presence in the country due to the ongoing situation,” Telenor said in a statement.
Telenor has started exploring a sale of the Myanmar business unit. Telenor has also hired Citi to sell the business, with non-binding bids due in the coming weeks.
Telenor on May 4 said its presence in Myanmar, which dates back to 2014, would depend on the overall development in the country.
In its first-quarter earnings report, Telenor said Myanmar’s rulers imposed network restrictions and a nationwide shutdown of mobile data that cut Telenor’s subscription and traffic revenues in the country in half.