Norwegian telecom operator Telenor has agreed to sell a 51 per cent stake in Wave Money, one of Myanmar’s largest mobile payment services, to its partner Yoma Strategic Holdings Group, which is listed on the Singapore Stock Exchange, according to Nikkei Asia.
Wave Money is valued at 104 million kyats and the sale price of shares is 53 million kyats, according to sources close to the sale.
After the sale, up to 75% stake in Wave Money will be owned by Yoma Group, led by Myanmar businessman Thein Wai (B) Sachpan.
Yoma Group currently owns 49% of Wave Money, with YSH holding 44% and Yoma Bank, the group’s subsidiary.
The remaining 25 percent will be held by private investors in the Yoma-led group, which includes the Taiwan Monetary Fund and the independent Myanmar Internet Services.
Yoma Strategic first agreed to take over Telenor shares in mid-2020.
Telenor Group declined to comment on the deal on Friday, saying it would not discuss market leaks or rumors.
Wave Money is used to pay bills, It is estimated that the domestic remittance service and over-the-counter remittance services via Wave Pay will be smooth, with an estimated 1 million to 1.2 million monthly payments.
As of May 31, after the military took power on February 1, an estimated 2 million users of the Wave Money app had dropped by half, affecting the company.
However, with the lifting of some internet restrictions and the collapse of the banking system, the business was revived, with Wave reaching nearly 2 million users in November, according to Wave officials.