Telenor closing online platform Ekhanei.com in Bangladesh
STAFF REPORTER
Ekhanei.com, one of the top classified sites in the country, is to close down today in Bangladesh as the entity is not making money, said Telenor Group, one of its owners with Schibsted and Naspers. Telenor Group, the parent company of market leader mobile operator Grameenphone, took the decision due to inability to develop the company into a sustainable and profitable business in Bangladesh, according to a press note published on its website on Monday.
The leading global telecom company entered online classifieds in 2013 acquiring some sites from the local market. And in 2015, they further joined another venture for this platform, the press note said.
Telenor entered online classifieds in 2013 by acquiring 50 per cent of Latin American firm SnT, together with Schibsted, and 33.33 per cent of 701 Search, alongside Schibsted and Singapore Press Holdings (SPH).
In 2015, more joint ventures were established with Naspers in four countries, including Bangladesh, where Telenor has had a 25 per cent indirect stake in the company through SnT.
Telenors main task now, together with partners, is to take care of the affected employees, whom will be offered severance packages according to company policies.
Though Telenor has decided to close one of its ventures operations, its sister concern Grameenphone is doing well with GP shop where they only sell gadgets.
Telenor OC portfolio will now have the following structure Thursday last week, Telenor announced that they have entered into an agreement with Schibsted regarding the joint ventures within online classifieds, whereby Telenor exits the Latin American joint venture (SnT) and acquires Schibsteds stake in the joint ventures in Malaysia, Vietnam, and Myanmar (701 Search).
Following the decision on Bangladesh, Telenor will own 100 per cent of 701 Search and its assets in Malaysia, Vietnam, Myanmar and Headquarter in Singapore.
