Vodafone and China Mobile withdraw from Myanmar licence process

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.

"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