HGC will become one of the first Hong Kong based investors to enter Myanmar’s telecommunications market
HGC Global has acquired a majority stake in the Myanmar based Golden TMH Telecom Company, making it one of the first Hong Kong based firms to invest in Myanmar’s rapidly developing telecoms industry.
Golden TMH is a leading provider of communications and network services across Myanmar, boasting one of the country’s most complete networks.
“We are pleased to announce the news and we believe that the acquisition can provide a more comprehensive and broader portfolio of telecommunications services to local corporate and customers. Riding on HGC’s experience and strong international connectivity as well as its success in Hong Kong local business, our business can further expand locally and globally. The agreement will not only assist in the deployment of the upcoming influential projects in Yangon and key regions in the country but also support and boost Myanmar in further expanding the telecommunications industry and reinforce the internet and economic development eventually," said Mr Alexis Delevaux, CEO of GTMH.
Myanmar is one of the fastest growing economies in Asia and the chance to gain entry into such a potentially lucrative market will present HGC with a whole host of opportunities.
“HGC has been in collaboration with GTMH since 2014. With our experience and success in Hong Kong and international business, we believe that the investment will bring more opportunities to HGC and GTMH as well as the telecommunications industry of Myanmar. The investment once again showcases a successful example of our determination and ambition to extend our business outside Hong Kong as well as to strengthen our position in the region,” said Andrew Kwok, CEO of HGC.
The transaction is subject to standard regulatory approval and neither party has provided details of when they expect the deal to complete.
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