Digicel Group and YSH Finance Sign Agreement with Ooredoo Myanmar
KINGSTON, Jamaica, Dec. 2, 2013 /PRNewswire/ -- Digicel Group and YSH Finance Ltd (comprising Yoma Strategic Holdings Ltd ("Yoma Strategic") and First Myanmar Investment Co., Ltd ("FMI") today announced that their reorganised consortium, Digicel Asian Holdings, has signed an agreement with Ooredoo Myanmar to develop, construct and lease telecommunications towers in the Republic of the Union of Myanmar as part of Ooredoo's commitment to deploy a world-class telecommunications network across the country.
Digicel Asian Holdings' company in Myanmar, Myanmar Tower Company, will be amongst the first telecommunications tower companies to begin construction in the Republic of the Union of Myanmar and, through its multi-tenancy towers, will help all telecommunications operating companies achieve their aims of rapidly deploying telecommunications coverage across the country.
Commenting on the announcement, Mr. Denis O'Brien, Chairman of Digicel Group, said; "We are delighted to work with Ooredoo to help develop a high quality telecommunications network across the Republic of the Union of Myanmar, contribute to the growth of the Myanmar economy and benefit Myanmar citizens across all of the country's States, Regions and Union territories."
Mr. Serge Pun, Chairman of Yoma Strategic and FMI, added; "Today's announcement is a significant step in the economic and social development of the Republic of the Union of Myanmar. We are delighted to play our part in such development and look forward to working closely with the Government, authorities, telecommunications operators and other local companies."
Digicel Group Limited is a leading global telecommunications provider with operations in 31 markets in the Caribbean, Central America and Asia Pacific. After 12 years of operation, total investment to date stands at over US$4.5 billion worldwide. The company is renowned for delivering best value, best service and best network.
Digicel runs a host of community-based initiatives across its markets and has set up Digicel Foundations in Jamaica, Haiti, Papua New Guinea and Trinidad and Tobago which focus on educational, cultural and social development programmes.
Digicel is the lead sponsor of Caribbean, Central American and Pacific sports teams and individuals including the world's fastest man, Usain Bolt and Special Olympics teams throughout these regions. Digicel also sponsors the West Indies cricket team.
Visit www.digicelgroup.com for more information.
About YSH Finance Limited
YSH Finance Ltd is part of the SPA Myanmar Group, one of the leading business groups in Myanmar, with companies active in key business sectors, including financial services, real estate development, automobile distribution, agriculture, manufacturing, services, retail and travel and tourism.
YSH Finance Ltd is owned by First Myanmar Investment Co., Ltd ("FMI") and Yoma Strategic Holdings Ltd ("Yoma Strategic"), two public companies within the SPA Myanmar Group.
In 1992, Mr. Pun set up FMI, a public company in Myanmar with over 4,500 shareholders, all of whom are Myanmar nationals. Employing approximately 5,000 people within the Group, FMI is active in a broad range of activities in Myanmar.
In 2006, Mr. Pun led Yoma Strategic to a successful listing on the mainboard of the Singapore Stock Exchange, which is today an internationally publicly listed company offering investors direct exposure to Myanmar.
SOURCE Digicel Group