M1 Group, an investment holding company, agreed to acquire the Myanmar business of Telenor, a mobile telecommunications company, for $105m. “There are three reasons why we think a sale is necessary: it is the safety of our employees, but also the regulatory conditions and also that there is good compliance,” Sigve Brekke, Telenor CEO. On March 18, 2022, Myanmar Investment Commission approved Telenor Group’s application for the sale of Telenor Myanmar to Investcom.