Digicel, partners lose bid for telecoms licence in Myanmar
Published:Sunday | June 30, 2013 | 12:00 AM
The Digicel consortium has lost out on its bid for a telecoms licence in Myanmar, Southeast Asia. The two licences on offer were won by Norwegian conglomerate Telenor and Ooredoo of Qatar.
The Digicel consortium is disappointed to have been notified that it has not been successful in securing one of the two nationwide telecommunications licences on offer in Myanmar, the company said in a statement.
However, Digicel said it remains committed to exploring commercial opportunities in Myanmar and will be evaluating these on an ongoing basis.
Denis O'Brien's Digicel Group had partnered with Serge Pun's YSH Finance Limited, a joint venture between First Myanmar Investment and Yoma Strategic Holdings, and George Soros Quantum Strategic Partners to bid for the licence.
investment
Digicel Group announced earlier this month that the consortium would have invested almost US$9 billion to build out the telecommunications services in Myanmar.
Of the amount, US$6.6 billion would be directly invested in Myanmar, employing more than 7,000 people by the end of the first year.
Digicel's investment in Myanmar would have led to the creation of 124,000 indirect jobs, said the company, in announcing the submission of its bid.
O'Brien, chairman and founder of Digicel Group, speaking on behalf of the consortium, expressed gratitude to the Union Government of Myanmar for the opportunity to be involved in the bidding process and congratulated the winning bidders, the statement said.
Myanmar is a sovereign state with a population of more than 60 million, making it the 24th most populous country.