Telenor closing down Ekhanei

Dhaka,  Tue,  22 August 2017
Published : 16 May 2017, 15:47:50 | Updated : 16 May 2017, 15:48:56

Telenor shutting down online classifieds site

The owners of online classifieds site have announced its closure in Bangladesh.

The company will end its operations effective May 17.

A press release from the Telenor Group cites the market conditions of the online classifieds market and the inability to develop a ‘sustainable and profitable’ business as the reason for the closure, reports

The company’s owners, Telenor, Schibsted, and Naspers are currently attempting to take care of the affected employees, who will be offered severance packages according to the policies of the company.

On May 11 Telenor announced it had come to an agreement with Schibsted concerning its online classifieds ventures. Under the agreement Telenor had exited the Latin American joint venture (SnT) and acquired Schibsted’s stake in joint ventures in Malaysia, Vietnam, and Myanmar (701 Search).

Telenor will now own 100 per cent of 701 Search, its assets in Malaysia, Vietnam, Myanmar, and the headquarters in Singapore.

The company has also announced it will continue co-operation in other joint ventures in Thailand and Indonesia alongside partners Schibsted, SPH, and Naspers.
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