The ATOM has canceled the investment of Shwe Byine Phyu Group, which has a stake in telecommunications company ATOM, according to the telecommunication company.

The ATOM was acquired by Investcom PTE Ltd. Shwe Byine Phyu Group bought shares in the company.

After canceling the investment of the Shwe Byine Phyu Group, the stakeholders of the Shwe Byine Phyu Group were dismissed from the board of directors of ATOM. The shares of Shwe Byine Phyu Group has been permanently transferred to Myancom Holding Ltd. The process of transferring the shares started in December 2023 and will be completed in January 2024, according to the press release.

ATOM is not affiliated with any sanctioned person or organization and has not appointed any sanctioned person or organization as a shareholder or beneficiary or senior management member, it said.

U Thein Win Zaw, U Win Paing Kyaw, and Daw Tin Latt Min have resigned as a member of the board of directors. In addition, U Win Paing Kyaw also resigned from the position of Deputy Chief Executive Officer of ATOM Myanmar. At present, no new appointment has been made to this position, it said.

The ATOM will continue to follow the rules and regulations including sanctions. It always supports consumer and human rights. It will continue to be an independent organization that is free from sanctions and complies with all applicable laws and regulations, it said.

After the United States government announced on February 1 this year that it would sanction Shwe Byine Phyu Company and ATOM announced that the shares owned by Shwe Byine Phyu Company were canceled and the members of the board of director from Shwe Byine Phyu Company had resigned.

There are no other changes except the cancellation of such shares and the resignation of persons from Shwe Byine Phyu Group as directors. It will continue to support consumer and human rights in order to continue to support telecommunications and services, which are an essential foundation of communication for the people of Myanmar, and will continue to stand firmly as an independent organization free from sanctions and complying with all existing laws and regulations, announced the ATOM.

In 2022, Telenor Myanmar was renamed ATOM Myanmar, and the previous owner, Norway-based Telenor Group, sold it to Lebanon's M1 Group for US$105 million in March 2022.