As the crisis in Myanmar continues – the military has now ordered telecom operators to shut their networks in an effort to end protests against its February coup.
Telco giant ‘Telenor’ is now facing a business crisis, the junta throwing operations into limbo.
As one of the few Western companies to bet on the South East Asian country after it emerged from military dictatorship a decade ago.
Norwegian telco @Telenor_mm has written down its $780m business in #Myanmar to zero in the wake of the coup. Once regarded as success story of the reform period. Now see “limited prospects of improvement going forward”. https://t.co/oZ5d3xBKYa#WhatsHappeningInMyanmar pic.twitter.com/YLiyHIiPpM
— Poppy McPherson (@poppymcp) May 4, 2021
The return to army rule has officially led to a $783 million 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 that last year contributed 7% of its earnings.
“We are facing many dilemmas,”
While Telenor plans to stay for now, the future remains uncertain.
