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Dubai's Blu Stone JV completes strategic Myanmar asset sale

DUBAI, January 4, 2021

Dubai-based Blu Stone Management and its joint venture partner M1 Group, a holding company that owns and manages investments across various sectors, have reached an agreement to sell its entity Irrawaddy Towers Asset Holding to CVC Capital Partners Asia V (CVC).
 
Irrawaddy Towers owns a leading independent telecommunications tower company in Myanmar, Irrawaddy Green Towers Limited (IGT). It serves all four mobile network operators (Telenor, MPT, Ooredoo and Mytel) in the Asian country with both tower and power solution services.
 
Established in 2014, IGT owns close to 4,000 towers strategically located across the entire country. 
 
Irrawaddy Towers Asset Holding Chairman Georges Makhoul said: "Since the day we established IGT, it has been a privilege to work with the Myanmar community to facilitate the delivery of mobile services across the whole country."
 
"Our shareholders' early capital commitment, the support of the relevant ministries and regulators, the partnership with all the mobile operators, and the engagement with local communities have been vital for success; it has facilitated the business growth to the current leading position. With CVC as a future shareholder, the company is poised for further growth and success for the benefit of the people of Myanmar," he stated.
 
Jamal Ramadan, the Director of M1 Towers, said: "We are proud of the work achieved together with the people of Myanmar, and under the leadership of CEO David Venn and his team. IGT is an industry pioneer that enables mobile services throughout the whole country."
 
"We look forward to continued progress and success, underlining the attractive fundamentals and strong growth of Myanmar's mobile communication sector," he added.
 
Marwan Khoueiry, Managing Director of Blu Stone Management, said: "This has been a great journey for us cementing IGT's position as the leading telecom infrastructure provider in Myanmar and contributing to the country's economic development."
 
"We are very excited to follow IGT's success going forward and would like to thank the management team led by David Venn for their relentless work throughout all this," he stated.
 
Standard Chartered Bank (Singapore) acted as lead financial adviser for the transaction, while UBS was joint financial adviser to the company. Freshfields Bruckhaus Deringer and SCM Legal Limited acted as legal counsels to the company.-TradeArabia News Service



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