Telenor has agreed to sell its partner Yoma Strategic Holdings Group, which is listed on the Singapore Stock Exchange, a stake of 51% in Wave Money, one of the largest mobile payment services in Myanmar.
Wave Cash is esteemed at 104 million kyats and the deal cost of offers is 53 million kyats, as indicated by sources near the deal.
Yoma Group, led by Myanmar businessman Thein Wai (B) Sachpan, will own up to a 75 percent stake in Wave Money following the transaction.
Yoma Gathering presently possesses 49% of Wave Cash, with YSH holding 44% and Yoma Bank, the gathering’s auxiliary.
Private investors in the Yoma-led group, which includes the independent Myanmar Internet Services and the Taiwan Monetary Fund, will hold the remaining 25%.
In the middle of 2020, Yoma Strategic first agreed to acquire Telenor shares.
On Friday, Telenor Group stated that it would not comment on rumors or leaks from the market.
Bills are paid with Wave Money. Wave Pay’s domestic and over-the-counter remittance services are expected to run smoothly, with an estimated 1 million to 1.2 million monthly payments.
The Wave Money app had half as many users as before the military took power on February 1, which hurt the company as of May 31.
However, Wave officials claim that in November, the company saw nearly 2 million users as a result of the lifting of some internet restrictions and the collapse of the banking system.
