Telenor Group formally created an independent Asia segment of its business headquartered in Singapore and charged with running its units in the region, as it continues to assess a potential IPO for the new entity.

The company revealed a plan to strengthen its Singapore office and hand its regional units more autonomy earlier this year. It noted Telenor Asia would have full responsibility for its businesses in Bangladesh, Malaysia, Pakistan and Thailand.

As part of the revamp, each individual market will have dedicated investment management teams. Its Telenor Asia headquarters will be bolstered across various business areas including finance, operations, risk management and governance.

Head of Telenor Asia Jorgen Rostrup stated increasing its operations in Singapore would help “safeguard our interests in the region”, indicating the business would work towards exploring “structural partnerships or, in the future, a potential IPO”.

The business is charged with achieving cashflow of $1.2 billion by 2025, a target it expects to reach by focusing on three specific areas alongside synergies from expected mergers going through regulatory processes in Malaysia and Thailand.

Opportunities identified are increasing mobile adoption in Bangladesh and Pakistan; boosting B2B revenue across the region; and expansion beyond core connectivity in areas such as insurance, security and gaming products.