Norway’s Telenor to sell stake in Myanmar’s Wave Money

BANGKOK (AP) — Norwegian telecommunications company Telenor says it plans to sell its stake in the Myanmar fintech company Wave Money to its main partner in the venture, Yoma Strategic Holdings. Telenor confirmed the $53 million deal, reported earlier, in a statement on its website. Yoma was founded by Myanmar tycoon Serge Pun. The purchase gives it a 75% stake. The remainder is held by private investors. Wave Money has played a critical role in Myanmar’s financial dealings, especially after ordinary banking services were disrupted following the military’s seizure of power on Feb. 1, 2021. Telenor has been seeking to withdraw from Myanmar since then.