Telenor Eyes Further Strategic Moves in Asia Post-Mergers in Malaysia & Thailand

Telenor Group, after completing two major mergers in Malaysia (CelcomDigi) and Thailand (True), is still actively exploring strategic options for its broader Asia operations. The company is assessing potential exits, initial public offerings (IPOs), and partnerships to maximise value across its markets in Bangladesh, Malaysia, Thailand, and Pakistan.

Despite Merger-driven consolidation, certain units perform strongly: Grameenphone in Bangladesh and CelcomDigi in Malaysia are generating solid, stable cash flows. True in Thailand, in particular, is seen as gaining operational momentum, with post-merger synergies being realised and management making progress on growth. Meanwhile, Telenor is planning a divestment from Pakistan; regulatory work is underway though timing remains uncertain and may slide into 2025.

On the financial front, service revenues in Asia rose about 6% year-on-year, reaching NOK 4.77 billion (USD ~444 million), while total revenue in Asia was up 5%. EBITDA in the region improved by around 2%, reflecting margin pressures but generally resilient performance.

In parallel, Telenor's Nordics segment is undergoing transformation via cost efficiencies, platform consolidation, migration of legacy systems to the cloud, shutting down old platforms, and exploring new shared services. Cross-Nordic programs are delivering tangible savings, and Telenor expects more to emerge as reforms take full effect.

Outgoing CEO Sigve Brekke, who will step down in December, indicates that Asia remains a focus. The company is engaging in dialogue with potential partners who could help increase optionality—either through partial sales, joint ventures, or IPOs in specific markets. Also, leveraging the strength of its cash-generating units in Asia could help fuel investment or reduce debt.