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Friday, February 23, 2024

PTCL Confirms Intent to Acquire Telenor Pakistan with a Binding Offer

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Sarah Pereez
Sarah Pereezhttps://lahorelives.com
With almost 3 years of experience in journalism, Sarah Pereez has joined Lahore Lives as a Editor in 2023. She has previously worked as an Entertainment journalist, covering Hollywood & Bollywood news. At Lahore Lives, she tracks news updates, edit articles and write copies for science and technology.

Pakistan Telecommunication Company Limited – PTCL (PSX: PTC) has expressed keen interest in making a substantial investment within the country’s telecommunications sector, as conveyed in its announcement to the Pakistan Stock Exchange on Tuesday.

As a continuation of our earlier communication dated 31st January 2023, the Board of Directors of Pakistan Telecommunication Company Limited (referred to as “PTC” or the “Company”) has granted authorization to the Company to actively explore potential investment avenues within Pakistan’s telecom sector, according to the filed disclosure.

Following a thorough due diligence procedure, the Board of Directors, on August 29, 2023, provided approval for the Company to present a formal binding offer to the targeted entity.

It is important to note that this opportunity is contingent upon specific conditions, encompassing the acceptance of the offer, finalization, and execution of definitive agreements, and obtaining all necessary regulatory consents and approvals, as detailed in the disclosure.

The Company has underscored that any future developments concerning the binding offer will be duly communicated in adherence to the relevant legal requirements. Telenor Group, renowned for its telecom operations across nine markets spanning Europe and Asia, has recently redirected its focus towards the European markets after consolidating its activities in Thailand.

A comparable strategy could be emulated in Pakistan, leading to the assumption that PTCL is considering the integration of Telenor with Ufone, the cellular subsidiary of the PTCL conglomerate. Telenor Group has previously concluded its operations in India, Myanmar, and Indonesia similarly.

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