Telenor 'evaluating future of Myanmar operation'

Norwegian telecoms operator Telenor is considering the future of its operations in Myanmar amid the deteriorating business and security situation in the country, the company said on Friday.

"Due to the continued situation, Telenor Group is in the process of evaluating various options with regards to its presence in the country," the company said in a statement.

Industry publication TMT Finance reported on Thursday that Telenor was exploring a sale of the Myanmar unit and that Citi had been hired to sell the business, with non-binding bids due in the coming weeks.

A source with direct knowledge of the matter, speaking on condition of anonymity, confirmed to Reuters that the detail of the TMT Finance report was accurate.

Telenor wrote off the value of its Myanmar operation in May after its mobile business remained severely restricted following the Feb. 1 military coup.