Telenor to divest more Myanmar businesses

Norwegian cell phone operator Telenor said Monday it is also selling its stake in a digital payment service in Myanmar following the military coup in the Asian country.

Telenor, which has already announced the sale of its Burmese telecoms subsidiary, will sell its 51 per cent stake in Digital Money Myanmar Limited (Wave Money) for $53 million (46 million euros), the company said in a statement.

The service allows people to make financial transactions from their mobile phones.

Yoma MFS Holdings, a subsidiary of Yoma Strategic, which is listed on the Singapore Stock Exchange and already owns 44 per cent of Wave Money, will buy the stake and thereby take control of the company.