Ownership of ATOM Myanmar shrouded in mystery after sanctions against its parent company

Due to the lack of transparency in the internet and mobile phone service giant’s ownership, its users cannot be certain who controls their sensitive information or whether military authorities have access to it

After a recent series of share transfers and sales, it is no longer clear who owns the controlling stake in the telecoms giant ATOM Myanmar—formerly Telenor Myanmar—and consequently who has access to the personal data of its millions of subscribers. 

The rapid changes of ownership began in November 2023 in an apparent response to the Canadian government’s imposition of sanctions against the Shwe Byain Phyu Group (SBP)—a conglomerate chaired by prominent crony businessman Thein Win Zaw, which was then the majority owner of ATOM’s parent company. 

Less than a week after Canada introduced sanctions against SBP on October 31, 2023, the conglomerate promptly initiated the transfer of its full, 80 percent stake in ATOM’s Singapore-based parent company Investcom to a newly incorporated entity, Myancom Holding Limited. 

The process of transferring the shares began on November 3, 2023—a mere three. . .

Subscribe for full access to

Get unlimited access to high-quality reporting from the frontlines and support independent journalism.

Subscribe Now

Back to top button