Vodafone and China Mobile have withdrawn their joint bid for one of two licenses offered in Myanmar saying the returns do not justify their investment.
In a release on Friday, the world’s two largest mobile operators said the consortium decided not to proceed with the bid as it did not meet “strict internal investment criteria” to which both companies adhere.
According to report since, the pair said they didn’t expect the investment to generate sufficient return.
The Vodafone-China Mobile consortium was amongst 12 short-listed applicants due to submit their final bid to the Myanmar authorities on 3 June
The two had teamed up to pitch for one of the two licences being tendered, with the Myanmar government looking to increase the number of mobile operators from two to four.
Image: © Getty
Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.
