Hong Kong's HGC Global Communications has kickstarted its ASEAN expansion plans with an arrangement to acquire a majority stake in Myanmar fixed line network service provider Golden TMH Telecom Company (GTMH).
The operator has announced plans of extending from the local Hong Kong market into Myanmar.
The agreement marks the first overseas expansion of HGC's local fixed line business after its acquisition by I Squared Capital in 2017.
GTMH offers telecoms services including broadband, managed metro Ethernet, fixed wireless, VSAT and international services, as well as data center hosting and a range of value-added services.
“HGC has been in collaboration with GTMH since 2014. With our experience and success in Hong Kong and international business, we believe that the investment will bring more opportunities to HGC and GTMH as well as the telecommunications industry of Myanmar,” HGC CEO Andrew Kwok said.
“The investment once again showcases a successful example of our determination and ambition to extend our business outside Hong Kong as well as to strengthen our position in the region.”
The acquisition, which remains subject to regulatory and other approvals, would also be one of the first investments by a Hong Kong telecommunications company into the fast-growing Myanmar market.