Singapore Myanmar Investco sells TPR telco assets for US$8m

SINGAPORE Myanmar Investco , through its indirect subsidiary TPR Myanmar, is selling all of TPR’s telecommunications towers and tower leases in Myanmar for US$8 million. The buyer is Irrawaddy Green Towers and its parent company Irrawaddy Towers Asset Holding.

TPR Myanmar is currently 99.99 per cent owned by Myanmar Infrastructure Group , which is 97 per cent-held by SMI. Irrawaddy Green Towers is the largest independent tower company in Myanmar with over 3,000 telecommunications towers, said SMI. The balance of 15 per cent will be paid when SMI receives the approval of shareholders for the deal in the general meeting convened on the deal, as well as approval from relevant third parties. This includes the Department of Post and Telegraph, the Myanmar Investment Commission, the Directorate of Investment and Company Administration, and customers other than Ooredoo Myanmar.

SMI added that the business of construction, operation and leasing of telecommunications infrastructure is a capital intensive undertaking. Thus, disposing the towers would allow it to improve its performance and strengthen its balance sheet.

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