OSLO, NORWAY: Telenor Group and Yoma Strategic have entered into an agreement to sell Telenor Group’s 51 percent share of Digital Money Myanmar Limited (Wave Money) for USD 53 million (around NOK 470) to Yoma MFS Holdings Pte. Ltd, a subsidiary of Yoma Strategic.
Wave Money is a mobile financial services provider in Myanmar which was established in 2016. Its headquarters is located in Yangon, Myanmar.
This subsidiary is to be funded by a consortium of investors led by Yoma Strategic which remains subject to completion and final funding.
When the transaction is concluded, Yoma Strategic will become the largest and controlling shareholder of Wave Money, ensuring that the company continue operations and further extend its leading role in Myanmar’s fintech sector. The company was launched in November 2016 as a joint venture between Yoma Bank and Telenor Group.
The agreement between Yoma Strategic and Telenor Group completes the divestment process announced in June 2020. The transaction is subject to various conditions in order to be completed, among them regulatory approval from the Myanmar Central Bank.