Digicel announces plan to offload Burma subsidiary

Denis O’Brien to sell 75% stake in company to Edotco

Digicel had previously teamed up with currency dealer George Sores and Mr Pun’s Yoma group in an unsuccessful bid to win a licence in Myanmar

Digicel had previously teamed up with currency dealer George Sores and Mr Pun’s Yoma group in an unsuccessful bid to win a licence in Myanmar

 

Denis O’Brien’s Digicel has agreed to sell its 75 per cent holding in Digicel Asian Holdings (DAH), a consortium formed with Burmese  tycoon Serge Pun in 2013.

DAH is the parent of Myanmar Tower Company, a telecoms infrastructure subsidiary. It is to be acquired by the Edotco Group with the sale expected to be completed by the end of November.

The transaction values 100 per cent of Myanmar Tower Company at $221 million.

Digicel, which plans to float on the New York Stock Exchange, formed DAH with Mr Pun two years ago to build and lease a network of mobile phone masts to Ooredoo, a Qatari company which won a mobile phone licence in Burma in 2013.

Digicel had previously teamed up with currency dealer George Sores and Mr Pun’s Yoma group in an unsuccessful bid to win that licence.

Group chief executive Colm Delves said the sale represented “a strong return on our investment in Digicel Myanmar Tower Company.”