TeliaSonera to Pull Out of Eurasian Markets
Published on: 18th Sep 2015
Note -- this news article is more than a year old.
TeliaSonera has announced that it plans to sell its businesses in the Eurasian region, and refocus on its home markets in Sweden and Europe.
TeliaSonera has been hit by scandals over how it entered a number of Eurasian markets, and says that it has undertaken measures to improve how it works in the region. Evidently, the measures have not worked entirely though.
"Thanks to two years of hard work to improve the Eurasian operations, not least from a corporate governance and sustainability perspective, we now have better and more well-managed companies which we believe others can successfully develop further," says TeliaSonera's President and CEO Johan Dennelind.
"We realise that this will be a complex task that will take time. We are conducting this process market by market as each country and operation has its unique situation, but the ambition is to eventually leave the entire region," says Johan Dennelind.
The process to reduce presence in Region Eurasia has started, however, at this stage the company warned it is not possible to estimate how long this will take. At the same time the shaping of new TeliaSonera is well under way.
The announcement refers to region Eurasia, i.e Nepal, Kazakhstan, Uzbekistan, Azerbaijan, Georgia, Moldova and Tajikistan.