Telenor sells Myanmar operations to M1 Group for $105 million

FILE PHOTO: Telenor flag flutters next to the company's headquarters in Fornebu, Norway, June 1, 2017. REUTERS/Ints Kalnins/File Photo

OSLO (Reuters) - Norwegian telecoms operator Telenor has sold its Myanmar operations to Lebanese investment firm M1 Group for $105 million, Telenor said on Thursday, announcing its retreat from a country that slid into chaos after a military coup in February.

"Further deterioration of the situation and recent developments in Myanmar form the basis for the decision todivest the company," Telenor said in a statement.