“The main investment thesis for Myanmar is significant growth potential over the mid to long term. That growth story remains unchanged,” Mr Lim Chong Chong said.
The Myanmar Times (Myanmar)
The deal is expected to help Frontiir expand its services to more than half of Myanmar’s states and regions within half a decade, with the aim of connecting a quarter of the populations with broadband access. The Yangon-based firm currently provides its Myanmar Net internet services to around 1.6 million people across Yangon, Mandalay and Bago regions and Mon State.
“The investment is driven by our belief that internet access is an essential service which can improve lives and drive economic growth, especially in emerging markets like Myanmar,” said Lim Chong Chong, Ascent’s managing partner. it is a minority investment but the size of Ascent’s stake was not disclosed.
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