Sony Pixel Power calrec Sony

Telenor Group divests shares in Wave Money

24/06/2020

Reading Time: 2 minutes

Telenor Group owns a 34.2 percent stake in Wave Money, following Ant Financial Services Group's ( Ant Group ) investment that was announced in May.

Telenor Group will receive US$76.5 million from the divestment, an attractive return since Wave Money in Myanmar was launched together with First Myanmar Investment Co. Ltd and Yoma Bank in November 2016.

This is an opportune time for Telenor Group to divest. Both Yoma Group and Ant Group's core operation is financial services and technology, and they are therefore the strongest owners to take Wave Money forward. Wave Money has built a leading position in money transfer and will continue to be a strategic distribution channel for Telenor Myanmar, our mobile operator in the country. We are proud to have been part of Wave Money's impressive growth journey from day one and contributed towards making Myanmar a more financially inclusive society, says Lars Erik Tellmann, Head of Financial Services at Telenor Group.

Endorsement for the transaction is being sought from the Central Bank of Myanmar.

Partnership between Telenor Myanmar and Wave Money to continue The local telecom company Telenor Myanmar continues to be a wholly owned subsidiary of Telenor Group. As the leading e-wallet in Myanmar, Wave Money will remain an important digital partner for Telenor Myanmar and the strong co-operation between the two companies will continue. The co-operation will result in attractive payment offerings for both Wave and Telenor customers, promoting financial inclusion and increasing the digitalisation of the Myanmar economy.

Wave Money currently runs a network of more than 57,000 agents or Wave Shops in urban and rural areas across Myanmar, covering approximately 89 percent of the country. In 2019, revenue and transaction numbers tripled. Wave Money became EBITDA positive in September 2018, two years after its launch and has continued to maintain profitability.

In May it was announced that Ant Group will join the strategic partnership as a substantial shareholder and invest US$73.5 million in Wave Money. Ant Group is the operator of Alipay, the world's largest digital payment and lifestyle platform.

Media contact Cathrine Stang Lund

Cathrine-stang.lund@telenor.com

+65 97231753
LINK: https://www.telenor.com/media/press-release/telenor-group-divests-shar...
See more stories from telenor

More from Telenor Digital Services and Broadcast

18/02/2022

True and dtac enter into agreement to create a new telecom-tech company

Reading Time: 2 minutes The new company, supported by sponsoring shareholders Charoen Pokphand Group ( C.P. Group ) and Telenor Group ( Telenor ), aims to mee...

02/02/2022

Strong cash flow supporting the dividend

Reading Time: 3 minutes During the year, Telenor has focused on safeguarding employees and providing services to customers as the demand for connectivity, di...

20/01/2022

Telenor teams with AWS to accelerate modernisation of telecommunications

Reading Time: 2 minutes As part of the agreement, Telenor and AWS will invest in joint go-to-market activities in select industries-such as manufacturing, sup...

17/01/2022

Telenor Group agrees to sell its stake in Wave Money to Yoma Strategic

Reading Time: 2 minutes (Singapore/Oslo, 17 January 2022) Telenor Group and Yoma Strategic have entered into an agreement to sell Telenor Group's 51 perce...

03/01/2022

Telenor: 5 tech trends that will fuel the green transition of society in 2022

Reading Time: 5 minutes 2021 is yet another year of extreme weather events and record-breaking temperatures. These underline the challenges humans, wildlife, ...

22/11/2021

C.P. Group and Telenor Group support True and dtac in exploring the creation of a new telecom-tech company

Reading Time: 3 minutes (Oslo/Bangkok, 22 November 2021) C.P. Group and Teleno...

15/11/2021

Telenor and Google Cloud Form Strategic Partnership

Reading Time: 3 minutes Collaboration with Google Cloud to support Telenor's digital transformation journey in serving its customers now and in the future...

11/11/2021

New world record: Telenor employees write e-learning history

Reading Time: 4 minutes Telenor Group has set a new GUINNESS WORLD RECORDS title for most users to take an online personal development lesson in 24 hours. ...

28/10/2021

Subscriber growth and strong cash flow

Reading Time: 3 minutes The solid performance in the Nordics continued. In Norway, demand for value added services drove a 3 % mobile ARPU growth in the quart...

03/09/2021

Jussi Tolvanen becomes new CEO of DNA

Reading Time: 2 minutes It's truly great to have Jussi continue my work as CEO of DNA. His approach to business is extremely customer and human oriented,...

17/08/2021

Experts in new Digital Outlook' agree: digitalisation critical to ensuring green shift towards 2030

Reading Time: 3 minutes The first Digital Outlook Report released by Telenor R...

20/07/2021

Back to growth

Reading Time: 3 minutes In Norway, the decline in fixed legacy revenues are offset by growth in fibre and fixed wireless accesses and mobile service revenues....

08/07/2021

Telenor Group sells Telenor Myanmar to M1 Group

Reading Time: 2 minutes On 4 May, Telenor Group announced an impairment of Telenor Myanmar. Telenor underlined at the time that the operations in Myanmar cont...

21/06/2021

Axiata, Telenor and Digi Sign Transaction Agreements for the Proposed Merger of Celcom and Digi

Reading Time: 3 minutes Following the 8 April 2021 announcement that Axiata an...

01/06/2021

Kaaren Hilsen to head Telenor's new tower company

Reading Time: 2 minutes Hilsen will become the first CEO of Telenor Group's newly established tower company, a holding company to gather all of Telenor...

04/05/2021

Steady performance in the first quarter

Reading Time: 3 minutes The Nordic operations delivered a robust quarter with EBITDA growth in Finland and Denmark. Despite the pandemic impacting our Asian o...

08/04/2021

Telenor and Axiata in advanced discussions to merge Malaysian operations

Reading Time: 2 minutes The parties aim to create a leading telecommunication service provider in Malaysia with the capabilities to drive research and innovat...

25/03/2021

Telenor gathers strength in IoT for the 5G era

Reading Time: 2 minutes Telenor Group today announces it is unifying its IoT offering across the Nordics and internationally. The Nordic IoT portfolio and the...

08/03/2021

Telenor Group's response to proposed Myanmar Cyber Security Bill (Updated 8.3.2021)

Reading Time: 3 minutes Update 8 March 2021: In the time since Telenor Group p...

19/02/2021

Telenor Myanmar stands with businesses in Myanmar

Reading Time: 2 minutes The full statement was originally posted on the Myanmar Centre for Responsible Business website. Signed by businesses operating in My...

15/02/2021

Telenor Group's response to proposed Myanmar Cyber Security Bill

Reading Time: 2 minutes The current, very short and limited, consultation has not allowed for the required dialogue on the proposed Cyber Security Bill. Given...

09/02/2021

Data network restored in Myanmar

Reading Time:...

02/02/2021

Strong performance in a challenging year

Reading Time: 3 minutes In the fourth quarter, we continue to deliver a strong performance in the Nordics. In Norway growth in mobile and new fixed services m...

22/01/2021

Telenor: The Covid-19 digitalisation wave makes its mark on 2021 tech trends

Reading Time: 4 minutes The year 2020 will go down in history as not only one of the most challenging of the century, but also as one of the most transformati...

22/10/2020

Continued strong performance - digitalisation and modernisation drive EBITDA growth

Reading Time: 3 minutes In the quarter, Telenor reported a 2 percent decline i...

16/07/2020

Delivering critical services in demanding times

Reading Time: 3 minutes Our operating model has given us flexibility to manage operations, cost and investments, contributing to an EBITDA growth of 1 percent...

24/06/2020

Telenor Group divests shares in Wave Money

Reading Time: 2 minutes Telenor Group owns a 34.2 percent stake in Wave Money, following Ant Financial Services Group's ( Ant Group ) investment that was ...

11/06/2020

Telenor's Post-Pandemic Predictions

Reading Time: 4 minutes On a scale like no other, the COVID-19 pandemic has accelerated global social and economic change that would otherwise have taken year...

27/05/2020

Telenor launches a Nordic Hub to stimulate growth across its Nordic markets

Reading Time: 2 minutes EVP Jukka Leinonen will continue in his roles as Head of Nordics and CEO of DNA in Finland. Jesper Hansen, current CEO of Telenor Denm...

28/04/2020

Solid first quarter financial performance despite early indications of COVID-19 consequences

Reading Time: 3 minutes The first quarter of 2020 demonstrates solid financial...

07/04/2020

Telenor to step up its contribution to society

Reading Time: 2 minutes Our social responsibility goes beyond securing network connectivity , says Sigve Brekke, President & CEO, Telenor Group. Telenor is ...

20/03/2020

Jrgen C. Arentz Rostrup to lead Telenor's unified Asia business

Reading Time: 2 minutes Tone H. Bachke to become new Telenor Group CFO as Rostrup takes on new position in Asia Asia continues to be a growth engine for Tel...

20/03/2020

Tone H. Bachke to become new Group CFO in Telenor

Reading Time: 2 minutes J rgen C. Arentz Rostrup to lead Telenor's unified Asia business Tone has proven to be a strong and results-oriented leader wit...

13/03/2020

Telenor Group announces CEO changes in Telenor Myanmar and Telenor Procurement Company

Reading Time: 2 minutes Jon Omund Revhaug, CEO of Telenor Procurement Company,...

13/03/2020

Telenor opens first commercial 5G network in Norway

Reading Time: 3 minutes Telenor is proud to be the first mobile operator to launch a commercial 5G network in Norway, as we have worked tirelessly to stay at...

30/01/2020

Modernisation yielding strong results

Reading Time: 4 minutes In Norway, growth in mobile revenues continued with further ARPU improvement, and we were able to offset copper revenue decline with g...

16/01/2020

Telenor Group announces CEO changes in Asian subsidiaries

Reading Time: 2 minutes Sharad Mehrotra, CEO of Telenor Myanmar, has been appointed the new CEO of dtac, Telenor Group's mobile operator in Thailand. He r...

13/12/2019

Telenor completes 5G vendor selection for Norway

Reading Time: 2 minutes We expect 5G to be the one technology that will transform our society the most in the next decade. We have been through a thorough pr...

28/11/2019

Telenor: 20 technology trends that will shape 2020

Reading Time: 7 minutes In the last decade, mobile service providers, device makers and Internet companies built a virtual second world for us to live, work a...

21/11/2019

Telenor Group merges online classifieds assets with Carousell

Reading Time: 2 minutes The merger creates a regional leader in online classifieds. Telenor Group receives a 32 percent stake in the company, making it the la...

01/11/2019

Jukka Leinonen appointed new Nordic cluster head for Telenor Group

Reading Time: 2 minutes Jukka Leinonen is a well reputed telco leader with more than 30 years in the ICT industry. He has been instrumental in making DNA int...