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Fixed-line operator HGC Global to buy majority stake in Myanmar's Golden TMH

Hong Kong fixed-line operator HGC Global Communications Ltd. signed a conditional share purchase deal through a subsidiary Aug. 3 with Myanmar's network services company Golden TMH Telecom Co. Ltd. to become a majority shareholder of the latter.

The agreement is expected to facilitate the first overseas expansion of HGC's local fixed-line services after its acquisition by I Squared Capital, HGC said Aug. 7.

The company added that the deal also marks one of the first investments in Myanmar by a Hong Kong telco.

Golden TMH CEO Alexis Delevaux said: "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."

The closing of the transaction is subject to conditions including the approval of local regulators, HGC said.