Mikati’s M1 to Invest $330 Million After Buying Telenor Myanmar
- Lebanese investor sets three-year plan for telecom operator
- M1 Group isn’t ‘shying away’ from volatile political situation
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Lebanese investment firm M1 Group pledged to spend $330 million over the next three years to expand the Myanmar telecom business it’s buying from Norway’s Telenor ASA, bucking moves by many international investors to exit the Southeast Asian nation after the military seized power in February.
The funds will be used for network expansion, broadband infrastructure and services, M1 Group Chief Executive Officer Azmi T. Mikati said in an interview. The Telenor Myanmar sale was agreed to in July for $105 million. Pending regulatory approval, it will give the Beirut-based group control of one of four main telecom operators, with 19 million customers in a country with 55 million people.