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 which will be effective from Wednesday.
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.
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, said a notice published on Telenor’s website.