Vodafone Group and China Mobile have pulled out from proceedings to award two telecommunication licences in Myanmar.
In a statement Friday, Vodafone said its consortium with China Mobile the proposed deal failed to meet their "strict internal investment criteria".
The Vodafone-China Mobile consortium was among 12 short-listed applicants due to submit their final bid to the Myanmar authorities on June 3rd.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Vodafone and China Mobile will continue to watch Myanmar's progress with interest and will give due consideration to any future opportunities that would meet the companies' investment criteria," Vodafone said.
Vodafone's shares fell 1.09% to 190.90p at 11:20 Friday.
RD
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
