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Qatari telecom Ooredoo to exit Myanmar, following Norway's Telenor

Business will be sold to Singapore-based company with local ties

Ooredoo is believed to rank lowest in terms of subscribers among the country's four wireless carriers.

BANGKOK -- Qatari telecommunications group Ooredoo has agreed to sell its Myanmar business to a Singapore-registered company in a deal that would see Ooredoo exit the troubled Southeast Asian nation.

Ooredoo Asian Investments, which owns Ooredoo Myanmar and Ooredoo Myanmar Fintech, will be sold to Nine Communications for an enterprise value of $576 million, according to a news release issued Thursday.

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