Telenor Pakistan sold to PTCL after 18 years

Pakistan Telecommunication Company Limited (PTCL) is poised to acquire all shares of Telenor Pakistan for Rs108 billion ($380 million), utilizing borrowed funds. Valued at Rs49 billion ($173 million), PTCL is a prominent ICT player in Pakistan, providing voice and high-speed internet services. With 62% government ownership and 26% held by UAE’s Etisalat, PTCL aims to merge with Ufone and Telenor, fostering shared infrastructure benefits.

Telenor Pakistan, a significant mobile operator boasting 45 million customers and Rs112 billion in revenue, is being divested by Telenor Group for NOK 5.3 billion. Pending regulatory approval, this move aligns with Telenor Group’s strategy to focus on larger Asian operations, contributing to the enhancement of Pakistan’s telecom industry and creating growth opportunities. PTCL anticipates an annual interest payment of approximately Rs19 billion for the borrowed funds.

Despite the change in ownership, Telenor Pakistan will continue its regular operations, prioritizing service to its substantial customer base. The deal, slated for completion in 2024, underscores Telenor Group’s commitment to fortifying the Pakistani telecom sector and fostering an environment conducive to further development.

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