08-09-2022
Ooredoo QPSC (“Ooredoo”), trading symbol ORDS, today announced that it has entered into a definitive agreement to sell 100% of its shares in Ooredoo Asian Investments Pte Ltd (Singapore), the parent company that owns 100% of Ooredoo Myanmar Ltd and 100% From Ooredoo Myanmar Fintech Ltd to Nine Communications Pte. Ltd for a total value of $576 million (Enterprise Value) and a total consideration of $162 million. The deal was approved by Ooredoo's Board of Directors and Nine Communications Pte. Ltd and remains subject to usual closing conditions, including regulatory approvals in Myanmar.
Nine Communications Pte. Ltd is a subsidiary incorporated in Singapore and is owned by Link Family Office and Mr. Yu Nian Win. Link Family Office is a major group of companies with diversified business interests across three continents. Mr. Yu Nian Win has more than 40 years of experience in the telecom sector.
Established in 2014 and headquartered in Yangon, Ooredoo Myanmar is one of the leading telecom operators in Myanmar with high quality assets and a large customer base. Ooredoo Myanmar provides mobile and Internet services to individual and business customers in Myanmar.
In this regard, Mr. Aziz Al Othman Fakhroo, Managing Director and CEO of Ooredoo Group, said: “We conducted a comprehensive review of the Ooredoo Group’s business that resulted in a reassessment of the overall strategic direction of the Group. This difficult decision to divest from our business in Myanmar is undoubtedly a direct result of this review which aims to reshape our projects and investments as a leading telecommunications company. It was important for us to take this action at a time when Ooredoo Myanmar is achieving its strongest performance. We will strive to ensure the smoothest business transition while complying with all local requirements."
EY Corporate Finance Ltd was Ooredoo's financial advisor in the transaction, and [CMS] acted as legal advisor to Ooredoo.