Chasing valuations in Myanmar: from US$176,000 per tower to US$127,000
Why MIG was worth less than MTC, and who might sell next
Since the opening of the market to international operators in 2014, Myanmar has seen rapid uptake in mobile subscriptions, with demand exceeding even the most optimistic forecasts. From a very low base, SIM penetration has raced to between 75-80%. As an emerging country with vast opportunities, the realities on the ground also prove challenging for foreign operators and towercos alike. Seven towercos currently serve the marketplace, with ownership having changed hands for two, in 2015 and 2016 respectively. The two deals took place roughly one year apart, with a 28% drop in valuation when comparing price per tower.