Ooredoo Group finalised an agreement to sell its Myanmar unit to Singapore-headquartered Nine Communications for an estimated $576 million, a move marking the exit of the second mobile operator with overseas shareholdings from the troubled country.

Aziz Aluthman Fakhroo, CEO and MD of Ooredoo, stated the decision to exit Myanmar had been difficult and came after an extensive business review.

“It was important for us to make this call at a time when Ooredoo Myanmar is performing at its strongest to ensure the business continues from strength to strength. We will ensure a smooth transition with the least possible disruption”.

The company noted it and Nine Communications’ boards approved the transaction, which is subject to standard closing conditions including regulatory approvals in Myanmar.

Ooredoo stated Nine Communications is owned by conglomerate Link Family Office and U Nyan Win, which has more than 40 years of experience in the telecoms industry.

The Qatar-headquartered operator established Ooredoo Myanmar in 2014.

Rival Telenor Group completed the sale of its local unit to M1 Group in March for $105 million, a year after the government ordered operators to shut access to internet services following a coup and political unrest.

Local authorities took more than eight months to approve the sale, after first reportedly pushing for a local buyer to take charge of Telenor’s business.