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Tag: Telenor

  • “Telenor Retreats from Asian Markets: Sells $3.9 Billion Stake in True Corporation, Bids Adieu to Thailand”

    “Telenor Retreats from Asian Markets: Sells $3.9 Billion Stake in True Corporation, Bids Adieu to Thailand”

    Telenor, the Nordic telecom operator, has confirmed its departure from the Thai telecom sector. After a quarter of a century presence in the country, the company is selling its majority stake in True Corporation. This development is part of Telenor’s strategic withdrawal from the Asian marketplace.

    Details of the Deal

    The agreement outlines that Telenor will sell its 24.95% share in True Corporation to Arise Digital Technology Company. The sale price is set at NOK 32.3 billion. The buyer, Arise, is a company run by Thai businessman Khun Suphachai Chearavanont. Furthering the deal, both parties have reached a consensus allowing Arise to purchase Telenor’s residual 5.35% stake within the forthcoming two years. The cost for this additional acquisition is NOK 6.9 billion.

    Withdrawal from Asia

    The exit from Thailand’s market echoes Telenor’s recent business moves in other Asian territories, epitomizing the company’s ongoing strategy of pulling out of Asia. Notably, it recently sold its Pakistani business to Pakistan Telecommunication Company Limited for upwards of USD 500 million. The company is now placing a greater emphasis on strengthening its Nordic foundations.

    Telenor still has a presence in Bangladesh and Malaysia through its holdings in Grameenphone and CelcomDigi, respectively. Previously, Telenor operated in both India and Myanmar, but has since withdrawn from these markets.

    Remarks from the CEO

    Telenor’s CEO, Benedicte Schilbred Fasmer, expressed satisfaction with the arrangement made with Arise. She noted that at the company’s Capital Markets Day in November, they had mentioned their search for opportunities to create structural value in Asia. With the completion of Telenor Pakistan’s sale in December and the agreement to sell their shares in True, she believes they have made significant progress towards that goal.

    Telenor’s journey in Thailand began in 2000 when it acquired shares in Total Access Communication (TAC). TAC later became dtac, one of the largest mobile operators in the country. In 2023, dtac and True merged to bolster its competitive stance against the market leader, AIS.

    Questions & Answers

    What is the significance of Telenor selling its stake in True Corporation?
    The sale of Telenor’s stake in True Corporation marks the company’s exit from the Thai telecoms market, signifying a strategic pullback from Asia and a refocus on its Nordic operations.

    What other recent business moves has Telenor made in Asia?
    Besides its exit from Thailand, Telenor recently sold its Pakistani business to Pakistan Telecommunication Company Limited. The company has also previously ceased operations in India and Myanmar.

    Which Asian markets does Telenor still operate in?
    Telenor maintains its presence in Asia through its holdings in Grameenphone in Bangladesh and CelcomDigi in Malaysia.

  • Game-Changing Telenor Pakistan Sale Complete: PTCL Takes Reigns in Boost to Telecom Sector

    Game-Changing Telenor Pakistan Sale Complete: PTCL Takes Reigns in Boost to Telecom Sector

    The Telenor Group, a leading global telecommunications company, recently finalized its sale of Telenor Pakistan to Pakistan Telecommunication Company Limited (PTCL), a member of the international technology conglomerate e&. The transaction, first announced on December 14, 2023, saw Telenor Pakistan valued at NOK 5.3 billion on a cash-and-debt-free basis. The completion of the transaction certifies this valuation, reaching NOK 5.4 billion when factoring in currency rates from September, subject to any final adjustments to be made at year’s end.

    An Overview of the Transaction

    In addition to the finalized sale, Telenor has also acknowledged receipt of NOK 0.9 billion in cash flow from Telenor Pakistan since the announcement of the transaction. For the past two decades, Telenor Pakistan has been a crucial player in providing digital services and connectivity to over 40 million customers. A significant achievement for the company is its introduction of 4G technology in regions that had previously been underserved, thereby promoting digital inclusion throughout Pakistan.

    Telenor Pakistan’s array of products and services have played a significant role in boosting key economic sectors in Pakistan. These sectors span agriculture, banking, and technology freelancing communities. A noteworthy aspect of the company’s journey has been its commitment to empowering local communities through initiatives focused on promoting safe internet use, digital skills, and mobile identity, thereby encouraging responsible connectivity and digital inclusion across the nation.

    Leadership Remarks on the Sale

    Benedicte Schilbred Fasmer, CEO of Telenor Group, commented on the transaction’s completion:

    “Finalizing this transaction signifies Telenor Group’s strategic emphasis on being an active owner of top market positions in Asia, while simultaneously facilitating consolidation and innovation in Pakistan’s telecom sector. As we conclude this sale today, I extend my heartfelt gratitude to our customers, partners, and, particularly, our workers who have been integral to this remarkable journey. Your unwavering support and faith in our mission have brought about transformative changes in Pakistan’s economy and society.”

    Jon Omund Revhaug, Head of Telenor Asia, also expressed his sentiments:

    “Our Telenor Pakistan team members have proven themselves to be genuine trailblazers. Their resilience, innovation, and unwavering commitment have not only propelled the company’s growth but have also had a profound impact on millions of Pakistanis nationwide. Your invaluable contributions have positioned Telenor Pakistan as a model of progress and inclusion. As you embark on this new chapter, your legacy will continue to inspire and shape the future of Pakistan’s digital society.”

    In conclusion, Telenor Group extends its appreciation to the more than 40 million customers of Telenor Pakistan, the partners who collaborated to deliver services, and the employees whose commitment and innovative ideas have shaped the company’s impressive legacy.

    Questions & Answers

    What was the valuation of Telenor Pakistan at the time of the sale?
    The company was valued at NOK 5.3 billion on a cash-and-debt-free basis.

    What has been Telenor Pakistan’s impact on the country’s digital inclusion?
    Telenor Pakistan has provided essential connectivity and digital services to over 40 million customers. This includes bringing 4G technology to underserved areas, thereby promoting digital inclusion throughout Pakistan.

    What sectors has Telenor Pakistan influenced?
    Telenor Pakistan’s products and services have boosted key economic sectors in Pakistan, such as agriculture, banking, and the technology freelancing communities.

  • Telenor Asia Headquarters in Singapore to Capture New Market Growth

    Telenor Asia Headquarters in Singapore to Capture New Market Growth

    Telenor Group has announced the formation of Telenor Asia, a more independent regional entity with headquarters in Singapore. Telenor Asia will take on full oversight and responsibility for the company’s operations in Bangladesh, Malaysia, Pakistan and Thailand.

    “The strengthened team at our Singapore headquarters will add value to our operations and safeguard our regional interests. This will also help us ensure value creation of our assets. We will explore structural partnerships or, in the future, a potential IPO,” said Jørgen Rostrup, head of Telenor Asia.

    “The foundation for our continued growth in Asia is how our services help improve people’s lives and empower societies. In a recent survey we conducted of 8,000 people in South and Southeast Asia, a resounding 93% said that mobile connectivity improved their quality of life,” he added.

    Each market will now have dedicated Investment Management teams. These teams will take on an asset manager role and represent Telenor’s interests in local boards. The team in Singapore will also be strengthened with expertise in finance, operations, risk management, governance, people management and responsible business.

    In 2021, Telenor Asia signed merger agreements in Malaysia and Thailand. These mergers are the largest and second largest in Southeast Asia. When the two mergers are completed, Telenor Asia’s portfolio will comprise leading telco players in three large Asian markets, with more than 200 million customers and US$10 billion in revenue.

    To achieve a target of US$1.2 billion in cash flow by 2025, Telenor Asia will realize synergies from the two mergers and maximize opportunities across three areas.

    The first is increasing mobile adoption and data usage in Bangladesh and Pakistan. There are more than 150 million people in these two countries without mobile devices, and 50% of the current customer base subscribe to voice services only.

    Second, Telenor Asia will grow business-to-business (B2B) revenue. Current revenue contribution to Telenor Asia from this sector is around 5%, with large growth potential. Throughout the pandemic, when the overall telco sector was contracting, Telenor Asia’s B2B revenue was up by 10%.

    Third, focus will be placed on expanding customer value by offering services beyond core mobile connectivity, such as insurance, security and gaming products.

    Telenor has been present in Singapore since 1998 and has a diverse workforce of over 180 employees. Singapore is also home to Telenor’s global procurement company, where a team of skilled professionals manages complex supplier relationships and ensures responsible supply chains. Telenor Connexion, which provides cutting-edge IoT solutions, has a team of sales professionals covering Asia Pacific from Singapore. Telenor’s journey in Asia began with Bangladesh in 1997. Fast forward 25 years, Telenor has 165 mil

  • Telenor Group aims to build new tech firm for stronger growth

    Telenor Group aims to build new tech firm for stronger growth

    Telenor Group’s CEO, Sigve Brekke, stressed that they are aiming to deliver a new technology firm in Thailand’s telecom sector by collaborating with other international companies.

    This comes after Telenor and Axiata were granted regulatory approval in Malaysia to proceed to the Celcom-Digi merger.

    In his statement, Brekke said, “What Telenor is trying to build in Thailand is not a telco company. We are trying to build a new technology company that will enable Thailand to take advantage of the perfect storm of technologies and deliver new products and services for Thailand. We can only do so if we have scale to partner these global companies. A small local telco will not be of interest to these global companies who are going after scale.”

    Jørgen Rostrup, EVP and Head of Telenor Asia meanwhile said, “We believe the amalgamation of dtac and True will create a strong company who can invest and contribute to future digital and technology development in Thailand. This is an opportunity for Thailand to be propelled into growth 2.0 and put the country in the forefront. Thailand needs two strong market players, not one strong and two weak.”

    The company also stressed that Thailand now enjoys 86% mobile access, or about 98.5 million mobile connections from 20 years ago.

    Brekke added that for the next two decades, Telenor’s development in the local market is seen to be different, wherein the industry will be facing what he calls a “perfect storm of new technologies”. These include the integration of artificial intelligence, Internet of Things and 5G.

    He also predicts a data explosion and AI will be necessary to justify of the huge amounts of data generated, as well as the need for 5G speed for a much wider connection.

  • Telenor Myanmar subsidiary sold to Lebanese M1

    Telenor Myanmar subsidiary sold to Lebanese M1

    Myanmar’s junta has approved the sale of Norwegian telecoms giant Telenor’s Myanmar subsidiary to Lebanese conglomerate M1 Group, in a move activist groups warn could put sensitive customer data in the hands of the military.

    The Southeast Asian nation has been in chaos since a coup last year sparked huge protests and a bloody military crackdown on dissent, sending its economy into freefall.

    In July, Telenor announced that it planned to sell its subsidiary Telenor Myanmar and later cited junta demands that it installs monitoring equipment on the network as a reason for leaving the country.

    After months of stalled negotiations, Telenor and M1 – which is helmed by current Lebanese prime minister Najib Mikati – both said the sale had been approved by junta authorities.

    “M1 Group has been informed that the Myanmar Investment Commission has approved Telenor Group’s application for the sale of Telenor Myanmar to Investcom PTE Ltd, an M1 Group affiliate,” M1 said in a statement.

    A separate statement from Telenor said the sale had been given “final regulatory approval”.

    M1 will partner with local consortium Shwe Byain Phyu to take ownership of the new entity, according to the group’s statement.

    Founded in 1996, Shwe Byain Phyu started out distributing petroleum products for the then-military government, and employs more than 2,000 people in Myanmar.

    It has interests in petroleum trading, manufacturing, commodities trading and marine products, according to its website, which lists no previous telecoms experience.

    “Sanctions screening from external consultants has assured Telenor that Shwe Byain Phyu and its owners are not subject to any current international sanctions,” the Norwegian firm said in a statement.

    Last year, 474 civil society groups in Myanmar called Telenor’s decision to pull out irresponsible, saying it had not sufficiently considered the impact on human rights.

    Activist groups say any new owner could comply with future requests from the junta to provide cellphone data of dissidents protesting against the putsch that ousted Aung San Suu Kyi’s government last year.

    “There are still many things Telenor can do to mitigate harm,” said Joseph Wilde-Ramsing, senior researcher at SOMO, a Netherlands-based non-profit that conducts research and advocacy on corporations.

    “If they won’t take any steps to minimise the data transfer, they can still do things like set up a fund to help victims, remediate some of the harms they are going to be contributing to with the sale.”

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  • Telenor sale could endanger Myanmar activists

    Telenor sale could endanger Myanmar activists

    The sale of Telenor’s Myanmar subsidiary could place the personal data of its 18 million customers in the junta’s hands. As Telenor finalizes the sale of its Myanmar business to a military-linked group, concerns have been raised that sensitive data will be infringed and that families of activists in hiding will be put in harm’s way.

    According to sources, the sale will be completed by 15 February. Last July, Telenor announced that its Myanmar subsidiary would be sold to Lebanon’s financial firm, M1 Group. Military-linked Shwe Byain Phyu was later known to be a co-investor in the sale approved by the junta.

    Justice for Myanmar has since urged the Norwegian government to intervene in the sale. There had been reports that the Ministry of Transport and Communications (MOTC), ruled by the junta, had made more than 200 requests to Telenor for information including records of calls, over the past year.

    Telenor has since said that customers in Myanmar are handled by Telenor Myanmar and that Norwegian or EU data protection regulations do not apply to its subsidiary.

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  • Telenor Group exits Wave Money

    Telenor Group exits Wave Money

    Telenor Group and Yoma Strategic have entered into an agreement to sell Telenor Group’s 51% share of Digital Money Myanmar Limited (“Wave Money”) for USD 53 million to Yoma MFS Holdings Pte. Ltd, a subsidiary of Yoma Strategic.

    This subsidiary is to be funded by a consortium of investors led by Yoma Strategic which remains subject to completion and final funding. When the transaction is concluded, Yoma Strategic will become the largest and controlling shareholder of Wave Money, ensuring that the company continue operations and further extend its leading role in Myanmar’s fintech sector.

    Wave Money is a leading provider of money transfer and digital payment solutions in Myanmar. The company was launched in November 2016 as a joint venture between Yoma Bank and Telenor Group, after the fintech pioneer was awarded a license to become the first non-bank institution to work under Myanmar’s new Mobile Financial Services Regulation.

    In 2020, Wave Money processed a total of US$ 8.7 billion in remittance and payments, which represented around 12% of Myanmar’s GDP. The company runs a network of more than 45,000 active agents or “Wave Shops” in urban and rural areas across 295 out of the 330 townships nationwide. The business has seen a significant recovery in volumes since June 2021 with the trend expected to continue.

    “This acquisition reinforces Yoma Strategic’s desire to build a strong financial and technology ecosystem in the country over the long term. The digitization in the economy, in particular in financial services, has been remarkable for Myanmar. We are pleased that Wave Money has positively transformed the way of life of people in Myanmar, bringing financial inclusion to the mass,” says Melvyn Pun, CEO, Yoma Strategic.

    “Telenor is proud to have been part of Wave Money’s journey to empower the people of Myanmar with country-wide access to financial services. We have worked in partnership with Yoma Strategic to ensure that anyone from anywhere can digitally send and receive money, make contactless and secure payments in-stores or online using the market-leading mobile Wallet App of Wave Money. We are confident that Yoma have the commitment and vision to take Wave Money forward to the next level of driving financial inclusion”, says Lars Erik Tellmann, head of financial services in Telenor Group.

    The agreement between Yoma Strategic and Telenor Group completes the divestment process announced in June 2020. The transaction is subject to various conditions to be completed, among them regulatory approval from the Myanmar Central Bank.

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  • Telenor and CP Group to explore Thailand telecom merger

    Telenor and CP Group to explore Thailand telecom merger

    C.P. Group and Telenor Group are exploring the creation of a new telecom-tech company comprising of True and dtac. The new company will be a merger of equals, and bring the best of the two local companies, with the support of its key sponsoring shareholders.

    The new company will be a leading telecommunications service provider with capabilities to accelerate Thailand’s progressive digital technology agenda in terms of network performance, innovation, investment strength and employer brand.

    Mr. Suphachai Chearavanont, chief executive officer of C.P. Group and chairman of the board of True Corporation said, “The telecom and technology sectors are key to enabling Thailand to move up the development curve and to create broad-based prosperity.  As a telecom-tech company, we can help unleash the enormous potential of Thai businesses and digital entrepreneurs as well as attract more of the best and the brightest from around the world to do business in our country.”

    “Today is a step forward in that direction. We hope to empower a whole new generation to fulfill their potential to become digital entrepreneurs leveraging an advanced telecom infrastructure. The emergence in Thailand of IoT, AI, Cloud, and new generations of mobile network technologies will have a huge effect on the way we do everything,” he said.

    Mr. Sigve Brekke, president and chief executive officer of Telenor Group, said, “We have experienced an accelerated digitalization of Asian societies, and as we move forward, both consumers and businesses expect more advanced services and high-quality connectivity. We believe that the new company can take advantage of this digital shift to support Thailand’s digital leadership role, by taking global technology advancements into attractive services and high-quality products.”

    Mr. Jørgen A. Rostrup, executive vice president of Telenor Group and head of Telenor Asia said, “The proposed transaction will advance our strategy to strengthen our presence in Asia, create value, and support long-term market development in the region.  We have a long-standing commitment to both Thailand and the Asian region, and this collaboration will strengthen it further. Our access to new technologies as well as the best human capital will be a vital contribution to the new company.”

    Mr. Rostrup added that the new company has the intention to raise venture capital funding together with partners of USD 100-200 million to invest in promising digital startups focusing on new products and services for the benefit of all Thai consumers.

    If the transaction proceeds, it will consist of a voluntary tender offer (VTO) subject to satisfaction of conditions for all outstanding shares of dtac and True, followed by the amalgamation of dtac and True creating a new company. The VTO price for dtac will be THB 47.76, which represents a 25 percent premium to the one-month VWAP for dtac shares, and the VTO price for True will be THB 5.09, which represents a 25 percent premium to the one-month VWAP for True shares. The agreed exchange ratio is 10.221 True shares per dtac share. The outcome of the VTO will determine the final equalized ownership percentage between C.P. Group and Telenor Group.

    All shareholders of dtac and True will have the choice of participating in the tender offer or continue as shareholders in the combined company, which will be listed on the stock exchange of Thailand. The combined company faces a challenging operational environment over the next years and C.P. Group and Telenor Group recognize that not all shareholders may want to participate in this journey, which is why a cash alternative at an attractive premium is offered. The involved parties aim to reach the necessary agreements by Q1 2022.

    The current operations of True and dtac will continue to run their businesses independently until the transaction is completed. The transaction will be subject to approvals by relevant boards and shareholders and customary regulatory approvals, and the parties acknowledge that there is no certainty as to the completion of the transaction.

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  • 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.

  • Telenor Group welcomes new leadership for Asian divisions

    Telenor Group welcomes new leadership for Asian divisions

    Telenor Group has announced its new Chief Executive Officers in three of its Asian subsidiaries- Telenor Myanmar, dtac in Thailand and Grameenphone in Bangladesh.

    Sharad Mehrotra, CEO of Telenor Myanmar, has been appointed the new CEO of dtac, Telenor Group’s mobile operator in Thailand. He replaces Alexandra Reich, who is seeking new leadership opportunities. Hans Martin Hoegh Henrichsen, currently Chief Corporate Affairs Officer in Telenor Myanmar, will become acting CEO after Mehrotra. Grameenphone’s Deputy CEO and CMO, Yasir Azman has been appointed the new CEO of the Bangladeshi operation, with current CEO Michael Foley relocating to Africa, where his family is based.“After leading our Thai mobile operator through a challenging transition including new spectrum and network rollout and a renewed focus on customer satisfaction and distribution excellence, Alexandra Reich has delivered solid results according to the back-to-growth strategy outlined in dtac’s Capital Markets Day in June 2019. We are grateful to Reich for her willingness to step in and support dtac in the very important transformational phase, and we wish her all the best in her next leadership role. With Reich seeking new opportunities, we are pleased that Sharad Mehrotra will join dtac and bring valuable insights and knowledge to Thailand from Myanmar and India, where he has managed a strong commercial turnaround,” says Sigve Brekke, President and CEO of Telenor Group.“I am also pleased Yasir Azman has accepted the challenge to lead our operations in Bangladesh. While also serving as deputy CEO, he has run one of our best performing sales and distribution organizations in Telenor Group. Having risen through the ranks, it’s extra special to welcome Azman as the first home-grown CEO of Grameenphone. I’d like to take this opportunity to thank Michael Foley for leading the company through an impressive digital transformation as well as his valuable contributions also in Pakistan and Bulgaria,” adds Brekke.

    The changes are effective as of 1st February 2020.

  • Telenor Group welcomes new leadership for Asian divisions

    Telenor Group welcomes new leadership for Asian divisions

    Sharad Mehrotra, CEO of Telenor Myanmar, has been appointed the new CEO of dtac, Telenor Group’s mobile operator in Thailand. He replaces Alexandra Reich, who is seeking new leadership opportunities. Hans Martin Hoegh Henrichsen, currently Chief Corporate Affairs Officer in Telenor Myanmar, will become acting CEO after Mehrotra. Grameenphone’s Deputy CEO and CMO, Yasir Azman has been appointed the new CEO of the Bangladeshi operation, with current CEO Michael Foley relocating to Africa, where his family is based.

    “After leading our Thai mobile operator through a challenging transition including new spectrum and network rollout and a renewed focus on customer satisfaction and distribution excellence, Alexandra Reich has delivered solid results according to the back-to-growth strategy outlined in dtac’s Capital Markets Day in June 2019. We are grateful to Reich for her willingness to step in and support dtac in the very important transformational phase, and we wish her all the best in her next leadership role. With Reich seeking new opportunities, we are pleased that Sharad Mehrotra will join dtac and bring valuable insights and knowledge to Thailand from Myanmar and India, where he has managed a strong commercial turnaround,” says Sigve Brekke, President and CEO of Telenor Group.

    “I am also pleased Yasir Azman has accepted the challenge to lead our operations in Bangladesh. While also serving as deputy CEO, he has run one of our best performing sales and distribution organizations in Telenor Group. Having risen through the ranks, it’s extra special to welcome Azman as the first home-grown CEO of Grameenphone. I’d like to take this opportunity to thank Michael Foley for leading the company through an impressive digital transformation as well as his valuable contributions also in Pakistan and Bulgaria,” adds Brekke.

    The changes are effective as of 1st February 2020.

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  • Telenor, Carousell merger will elevate the marketplace to the next level

    Telenor, Carousell merger will elevate the marketplace to the next level

    701Search owns leading general classifieds sites Mudah in Malaysia, Chotot in Vietnam and OneKyat in Myanmar. Johan Rostoft, Head of Online Classifieds at Telenor Group, said “We have built a profitable and high-growth marketplace business serving millions of users every single day. This transaction presents an attractive opportunity for us to take the next step in our marketplace journey, and it also simplifies Telenor’s portfolio. We believe that Carousell is the best partner for our online classifieds business in Southeast Asia.”

    “We are thrilled to partner with Telenor Group to cement our classifieds leadership across eight markets in Southeast Asia, Hong Kong and Taiwan,” shared Quek Siu Rui, Co-founder and CEO of Carousell, and continued, “With Telenor Group’s extensive experience in each local market, coupled with Carousell’s relentless focus to use technology to make selling and buying easy and frictionless, we are confident that together we will create an even more vibrant marketplace for the community across Malaysia, Myanmar and Vietnam. In the next few months, we look forward to working with our new teammates to learn about the dynamics of these local markets, create opportunities that are mutually beneficial for our community of users, and inspire even more people to start selling and buying.”

    Carousell is one of the most prominent start-ups in Southeast Asia, with dominant positions in Singapore and Hong Kong. The majority of its employees are based in Singapore. Following the merger, 701Search’s Singapore-based regional team will be fully integrated into Carousell. Mudah, Chotot and OneKyat will retain their individual brands and platforms, continuing operations in Malaysia, Vietnam and Myanmar respectively. The businesses will report into Carousell’s Group CEO Quek Siu Rui.

    The deal does not require regulatory approval and is closed immediately.

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  • Axiata eyeing new partnerships just two weeks after Telenor deal ends

    Axiata eyeing new partnerships just two weeks after Telenor deal ends

    Two weeks after the abrupt cancellation of the mega-merger proposal between Axiata Group Bhd and Telenor, President and CEO of Axiata Group Jamaludin Ibrahim has made it clear that the company would begin focusing on forming partnerships with competitor markets, namely those within Indonesia and Malaysia, in the next three to five years.

    Axiata is one of Asia’s leading telecommunications conglomerates and Malaysia’s largest wireless carrier, serving over 300 million customers from India to Cambodia, so it’s no surprise that the company is still looking to pursue other mergers as a major operating strategy.

    “Consolidation is key to future-proof us in the medium term given the challenges in the industry,” Jamaludin said. “The cancellation of the merger does not deter us from looking at other possibilities.”

    Although he did not reveal who these potential partners may be, it was reported that Axiata and CK Hutchison had already organised informal discussions about a joint venture for their businesses in Indonesia.

    Earlier in the month, Axiata had abandoned talks with Telenor to merge their Asian operations and create an entity that could have seen them generate over $13 billion in sales alone, due to complexities related to the deal.

    The company is currently refocusing its business target and operational efficiency. “We believe that profit and cash aren’t good enough because the industry is slowing down,” Jamaludin said.

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  • Telenor Pakistan gets ready to bring 5G to Pakistan

    Telenor Pakistan gets ready to bring 5G to Pakistan

    Taking another stride towards network transformation and digitalization, Telenor Pakistan and its network partners have geared up to make the network 5G ready to pass on the benefits of this transformative technology to the people of Pakistan in the coming years.

    5G is the fifth-generation cellular network technology that offers faster data transfer speeds and enables advanced solutions such as smart homes, smart cities, autonomous driving, automated emergency services, remote medical diagnosis, smart manufacturing, cloud gaming, and enhanced content & media experiences to name a few.

    The development cements and once again demonstrates Telenor Pakistan’s position as the frontrunner of innovation and digital transformation in the country. Today, the company has the country’s first and only 4.5G network and takes the lead with such industry-first initiatives as IoT, Cloud Services, and overall digital ecosystem development comprising innovative solutions for gaming, entertainment, and 3G/4G devices portfolio, etc.

    Telenor Pakistan took the first step towards 5G enablement last year by beginning the evolution of its network core from legacy architecture to state-of-the-art virtualized hybrid core, taking the lead towards 5G readiness. The latest development takes Telenor Pakistan one step closer to the successful launch of end-to-end 5G trials to demonstrate the potential of futuristic technologies and solutions for socioeconomic advancement.

    “As Pakistan gears up for future technologies that will be integrated into governance, businesses and people’s lives, the role of 5G becomes imperative,” said Irfan Wahab Khan, Chief Executive Officer Telenor Pakistan and Head of Telenor Emerging Asia Cluster, while sharing his thoughts on the development. “With this latest step towards digitalization and network transformation, Telenor Pakistan is opening up new possibilities for millions of Pakistanis who will be the actual winners in the development. We look forward to continued government support as a digitalization partner for adequate spectrum allocation for adoption and penetration of 5G over the next few years.”

    “Staying devoted to our vision of empowering the people, we have made use of innovative technologies to bring them newer and better opportunities,” said Bilal Kazmi, Chief Marketing Officer, Telenor Pakistan while speaking to the media at Telenor Pakistan Headquarters. “We are happy to further our goals of communications innovation and digitalization across sectors, which is exactly what this development aims for. We will continue to play our part to leverage technology as the greatest equalizer and enhance the ecosystem that we set out to build years ago through network transformation and expansion, data solutions, content services and introduction of affordable devices.”

    Telenor Pakistan, driven by its vision of empowering societies, continues to take groundbreaking initiatives to lead Pakistan towards a digital economy. Connectivity and data being the enablers that empower people, the company believes that connecting people to what matters most to them is truly realized only if it continues to innovate and impact millions of lives.

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  • Irfan Wahab Khan at MWC Shanghai 2019

    Irfan Wahab Khan at MWC Shanghai 2019

    Telecommunications has accelerated development of key sectors, spurring economic growth and opening countless avenues to empower individuals and societies, said Irfan Wahab Khan, Head of Telenor Group’s Emerging Asia Cluster and CEO of Telenor Pakistan, at the Mobile World Congress (MWC) in Shanghai. His keynote at MWC, ‘Pioneers of Intelligent Connectivity’, also shed light on how intelligent connectivity and Telenor Group’s disruptive innovation are transforming lives of millions, enabling basic civic rights through mobile birth registration and equipping the unbanked with mobile financial services, among others.

    MWC Shanghai 2019 highlighted how ICT-powered solutions and services are creating strong socioeconomic impact. Irfan highlighted the advent of the Asian Century and role of Telenor Group in transforming health, financial services and agriculture in Asia. In particular, he listed innovative mobile-based solutions like Bangladesh’s ‘Tonic’, Myanmar’s ‘WaveMoney’, and Thailand’s ‘Smart Farmer’, which are providing a myriad of digital health services, safe money transfers, and IoT farming solutions respectively to millions of people.

    In addition, he shared how Telenor Group is using big data to help predict outbreak of chronic diseases like dengue in Pakistan and malaria in Bangladesh. The partnership between Telenor Microfinance Bank in Pakistan with its Malaysian counterpart Valyou has also introduced Pakistan’s first blockchain-based cross-border remittance service, powered by industry-leading blockchain technology developed by Alipay of the Ant Financial Services Group.

    “Mobile connectivity and the internet are the greatest equalisers of our day. They impact nearly every aspect of life today, driving social interactions and creating new business opportunities. Through the power of connectivity, Telenor Group has been connecting people to what matters most for the past 160 years. We will continue to do so through disruptive innovation that empowers societies and improve lives, in order to secure a better future for all,” said Irfan.

    MWC Shanghai 2019 is focusing on technologies of the future that include 5G, IoT, AI, big data, blockchain and beyond. The event features the most influential and industry dominating companies and organizations coming together to explore the depths of Intelligent Connectivity. Through the MWC19 Shanghai platform, leading companies take charge of industry-focused discussions, influence the future of connectivity, and unveil new intelligently connected technologies. In addition to his keynote and other MWC engagements, Irfan is also set to hold meetings with global tech leaders, partners and innovators in technology to explore opportunities through the technology-driven ecosystem.