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Tag: Lebanon

  • Telenor sells Myanmar operations to Lebanon’s M1 Group for $105 million

    Telenor sells Myanmar operations to Lebanon’s M1 Group for $105 million

    Telenor Group has entered into an agreement to sell 100 percent of its mobile operations in Myanmar to M1 Group for a total consideration of US$105 million USD, of which US$55 million is a deferred payment over five years. The transaction corresponds to an implied enterprise value of approximately US$600 million USD. M1 Group will acquire all the shares in Telenor Myanmar and continue the current operation.

    On 4 May, Telenor Group announced an impairment of Telenor Myanmar. Telenor underlined at the time that the operations in Myanmar continued and that the future presence would depend on the developments in the country and the ability to contribute positively to the people of Myanmar. Further deterioration of the situation and recent developments in Myanmar form the basis for the decision to divest the company. In the present situation, it has not been possible for Telenor to conduct an ordinary sales process.

    “The situation in Myanmar has over the past months become increasingly challenging for Telenor for people security, regulatory and compliance reasons. We have evaluated all options and believe a sale of the company is the best possible solution in this situation. The agreement to sell to M1 Group will ensure continued operations. Telenor entered Myanmar because we believed that access to affordable mobile services would support the country’s development and growth. I wish to thank all employees and partners who have taken significant efforts to build a company that has impacted the people of Myanmar and has provided state of the art telco services during Telenor’s years in the country,” says Sigve Brekke President and CEO of Telenor Group.

    Since operations started in 2014, Telenor’s funding to Myanmar has been around 5.3 billion NOK. After turning cash flow positive in 2017, Telenor Myanmar has distributed approximately 3.2 billion NOK in dividends. With effect from the second quarter of 2021, Telenor Myanmar will be treated as an asset held for sale and discontinued operations. The gain/loss calculation arising from the transaction will be impacted, inter alia, by the accumulated translation differences related to the Myanmar operation and will be finally determined at closing. The transaction is subject to regulatory approvals in Myanmar.

  • Elie Saab vows to rebuild after devastating Beirut blast

    Elie Saab vows to rebuild after devastating Beirut blast

    It felt like an eternity rather than just a few minutes as haute couture fashion designer Elie Saab scrambled to make sure his 200 staff members, including his son, were safe when this month’s massive explosion shook Beirut.

    Like many Lebanese on August 4 when chemicals at the port detonated, the 56-year-old felt the blast was on his doorstep.

    “I saw my son covered in blood, I could not believe it. I said okay, he is wounded, but it was okay, it was just cut to his head and arms,” Saab said.

    “But it was 15 minutes that felt like two days long. It was not just because it is a father and son thing, it was because we all work together like one family under one roof.”

    The explosion killed 178, injured 6000 and damaged whole neighborhoods of the Lebanese capital.

    Saab said his main office and headquarters were badly damaged. His home a few hundred meters from the port, was gutted.

    The blast destroyed the shops and ateliers of at least two other designers, Zuhair Murad and Rabih Keyrouz, himself badly injured.

    Saab is no stranger to devastation. He started his label in 1982, at the height of Lebanon’s 1975-1990 civil war.

    The August 4 blast revived those memories.

    “It was the same smell, the same dust, the broken glass. Honestly, we did not want to relive this and it was not necessary,” he said.

    “This is a huge setback but we have to be like Beirut – every time dusting itself off and returning to the way it was,” Saab said.

    Saab’s team plan to go back to their offices from August 20 to meet a deadline for the September Paris couture show.

    He also plans to rebuild his residence, with its high ceilings and arches, marble columns and Arabesque tiles. For now, rubble and dust were everywhere.

    “We must go on … It does not become us as Lebanese to give up,” Saab said. “That is the doable part. But the biggest loss is the people you can’t bring back.”

    On a table lay a record by singer Fairouz, “Lebanon Forever”. It was broken in two.

  • LG Electronics opens Middle East stores

    LG Electronics opens Middle East stores

    South Korea’s LG Electronics is making a strong push into the Middle East, opening premium brand shops in the area.

    The company is deliberately positioning its brand at the higher end of the market to differentiate it from lower cost brands.

    LG says it has opened a premium brand shop in Jordan on Mecca Street, the premium home electronics business district. The shop is the third premium brand outlet to open in the region this year after Tehran in Iran and Beirut in Lebanon.

    The Jordan store is the largest of the brand’s shops in the area. The exterior of the store is made of glass, allowing potential customers to look inside. A video pillar that shows a moving image on an LED screen is set on the outside of the building.

    The latest premium products from LG electronics, such as a 65-inch ultra all-red TV, 105-inch curved surface ultra HD TV, double magic space refrigerator, and premium smartphones are exhibited. Consumers can actually use the devices and learn about their features in the convenience room.

    LG Electronics is planning to expand its premium brand shops to other major countries in Africa and the Middle East.

    “We will strengthen our leadership in the premium market through the premium brand shops that maximise convenience in living,” a company spokesman said.

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