Based on the online classifieds market condition and not being able to develop the company into a sustainable and profitable business, the owners (Telenor, Schibsted and Naspers) have decided to close down the site Ekhanei in Bangladesh.
Telenor entered into online classifieds in 2013 through acquiring 50% ownership in SnT (together with Schibsted) and 33,33% ownership in 701 Search (together with Schibsted and SPH). In 2015, further joint ventures were established with Naspers in 4 countries, including Bangladesh where Telenor has had 25% in-direct ownership of the company through SnT.
Based on online classifieds market condition and not being able to develop the company into a sustainable and profitable business, the owners (Telenor, Schibsted and Naspers) have decided to close the operations of the company, effective of May 17, 2017.Telenor’s main task now, together with partners, is to take care of the affected employees, whom will be offered severance packages according to company policies.
Telenor OC portfolio will now have the following structure
Thursday last week, Telenor announced that we have entered into an agreement with Schibsted regarding our joint ventures within online classifieds, whereby Telenor exits the Latin American joint venture (SnT) and acquires Schibsted’s stake in the joint ventures in Malaysia, Vietnam, and Myanmar (701 Search).
Following Today’s news on Bangladesh, Telenor will own 100% of 701 Search and its assets in Malaysia, Vietnam, Myanmar and Headquarter in Singapore. We will continue our co-operation in the other joint ventures (Thailand and Indonesia) together with our partners (Schibsted, SPH and Naspers) as today.