Finally, PTCL all set to acquire Telenor Pakistan

Pakistan Telecommunication Company Limited (PTC) has expressed its keen interest in making a substantial investment within Pakistan’s telecommunications sector. The company conveyed this intent in a notification to the Pakistan Stock Exchange on Tuesday.

The statement read,

“In alignment with our previous communication dated January 31, 2023, the Board of Directors of Pakistan Telecommunication Company Limited (referred to as ‘PTC’ or ‘the Company’) has granted authorization to the Company to explore potential investment opportunities within Pakistan’s telecommunications sector.”

Following a comprehensive due diligence process, the Board of Directors, on August 29, 2023, granted permission for the Company to submit a formal binding offer to the target entity.

It should be noted that the feasibility of this opportunity is contingent upon several conditions, including, among others, the acceptance of the offer, the finalization and execution of definitive agreements, as well as the receipt of all necessary regulatory consents and approvals.

The Company has indicated that any further developments related to the binding offer will be promptly disclosed in accordance with applicable legal requirements.

Meanwhile, Telenor Group, a telecommunications operator active in nine European and Asian markets, is redirecting its strategic focus towards European markets, following its recent consolidation of operations in Thailand.

A similar strategic shift appears to be on the horizon in Pakistan, with PTCL contemplating the merger of Telenor with Ufone, the cellular subsidiary of the PTCL group. It’s worth noting that Telenor Group has previously concluded its operations in India, Myanmar, and Indonesia.

** Taking the lead from Pro Pakistani