AsiaNet  87197

DUBAI, UAE, Dec. 11, 2020 /PRNewswire=KYODO JBN/ --

The shareholders of Irrawaddy Towers Asset Holding Pte. Ltd. (the "Company"),

including Blu Stone Management and M1 Group, have agreed today to sell the

Company to CVC Capital Partners Asia V ("CVC").

The Company owns Irrawaddy Green Towers Limited ("IGT"), the leading

independent telecommunications tower company in Myanmar with close to 4,000

towers strategically located across the entire country.

Georges Makhoul, Chairman of the Company, commented: "Since the day we

established IGT, it has been a privilege to work with the Myanmar community to

facilitate the delivery of mobile services across the whole country. Our

shareholders' early capital commitment, the support of the relevant ministries

and regulators, the partnership with all the mobile operators, and the

engagement with local communities have been vital for success; it has

facilitated the business growth to the current leading position. With CVC as a

future shareholder, the company is poised for further growth and success for

the benefit of the people of Myanmar."

Jamal Ramadan, Director of M1 Towers, added: "We are proud of the work achieved

together with the people of Myanmar, and under the leadership of CEO David Venn

and his team. IGT is an industry pioneer that enables mobile services

throughout the whole country. We look forward to continued progress and

success, underlining the attractive fundamentals and strong growth of Myanmar's

mobile communication sector."

Marwan Khoueiry, Managing Director of Blu Stone Management, concluded: "This

has been a great journey for us cementing IGT's position as the leading telecom

infrastructure provider in Myanmar and contributing to the country's economic

development. We are very excited to follow IGT's success going forward and

would like to thank the management team led by David Venn for their relentless

work throughout all this."

Standard Chartered Bank (Singapore) Limited acted as lead financial adviser and

UBS AG as joint financial adviser to the Company. Freshfields Bruckhaus

Deringer and SCM Legal Limited acted as legal counsels to the Company.

About Irrawaddy Green Towers

Established in 2014, IGT is the leading independent telecommunications tower

company in Myanmar with close to 4,000 towers strategically located across the

entire country. The company serves all four mobile network operators (Telenor,

MPT, Ooredoo and Mytel) in Myanmar with both tower and power solution services.

For further information about IGT please visit: www.igt.com.mm.

About Blu Stone Management

Blu Stone Management ("Blu Stone") is a Dubai-based investment management firm

that develops and manages the full asset allocation spectrum with an in-house

focus on direct private investments. For further information about Blu Stone

please visit: www.blustonemanagement.com

About M1 Group

M1 Group is a holding company that owns and manages investments across various

sectors and geographies. The Group oversees a vast portfolio of interests in

industries as diverse as telecommunications, fashion, energy, real estate,

electronic payments and asset management. For further information about M1,

please visit: www.m1group.com

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Contact

For Irrawaddy Green Towers

David Venn

Chief Executive Officer

david.venn@igt.com.mm

Source: Blu Stone Management and M1 Group