Owners have decided to close down operations of the site Ekhanei in Bangladesh from Wednesday considering the online classifieds market condition.
The consortium of owners (Telenor, Schibsted and Naspers) has taken the decision for also “not being able to develop the company into a sustainable and profitable business,” according to a Telenor statement issued Monday.
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 four countries, including Bangladesh where Telenor has had 25% in-direct ownership of the company through SnT.
“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,” the statement read.