More

    Telenor concludes strategic review with sale of Telenor Pakistan to PTCL

    Telenor Group today announces the sale of its Pakistan telco operations to Pakistan Telecommunications Company Ltd (“PTCL”), which is part of technology and investment group e&. PTCL’s major assets include Ufone, a mobile operator in Pakistan with over 20 million customers.

    The sale is part of Telenor’s strategy to build scale and market-leading players in Asia, as presented at the 2022 Capital Markets Day. It concludes the strategic review of the telco operations in Pakistan, which was announced in July 2022.

    The remaining Telenor Asia portfolio comprises of market-leading operators Grameenphone in Bangladesh, CelcomDigi in Malaysia and True Corporation in Thailand, with close to 160 million customers.

    The transaction values Telenor Pakistan at NOK 5.3 billion on a cash-and-debt-free basis. This includes repayment of intercompany loans of NOK 3.5 billion and reduced interest-bearing liabilities of NOK 1.8 billion, including leases.

    Telenor

    Sigve Brekke, CEO, Telenor Group commented: “Our decision to pursue the sale of our Pakistan operations follows 18 successful years of operations in the country, which started as a greenfield rollout. We are proud of the company Telenor Pakistan is today. It is an efficient and future-ready telco operator, with a strong distribution network and talented team serving 45 million customers. By selling to the country’s largest integrated ICT company, we believe this consolidation move would help strengthen Pakistan’s telecoms sector, creating opportunities in new areas of growth to the benefit of consumers in Pakistan.”

    Petter-Børre Furberg, Head of Telenor Asia, added: “We systematically considered all alternatives during the strategic review process and believe that, following a sale, the market will be better served by a strong local champion. Our strategy in Asia is to build number one positions in the markets we operate, with scale as a pre-requisite for value creation and profitable growth. We thank and acknowledge the commitment of the Telenor Pakistan team and partners, who will continue to serve customers well in the transition. Looking ahead, Telenor Asia will remain an active owner for the three market-leading businesses which make-up our Asian portfolio.”

    Telenor Pakistan will continue its business as usual and focus on delivering services to its 45 million customers. The agreement is subject to regulatory approvals and other customary terms and conditions. The transaction is expected to be completed during 2024.

    Also Read:UBL wins PSX’s ‘Top Companies of the Year’ award

    Latest articles

    AAOIFI and Meezan Bank jointly hosted a public hearing session on the new AAOIFI Sukuk Standard

    The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) with Meezan Bank hosted a significant public hearing session on the draft Shariah Standard...

    Suleman Dawood School of Business Reaccredited by AACSB International

    AACSB International Board of Directors has extended the accreditation for the degree programmes offered by the Suleman Dawood School of Business (SDSB) at LUMS. In...

    Foreign Investors Express Concern Over Pakistan’s Security in OICCI 2024 Survey

    The Overseas Investors Chamber of Commerce and Industry (OICCI), has released the results of its latest Security Survey 2024, highlighting increasing concerns over the...

    Aoun Ali Khan: Captivating Audiences Across Music, Film, and TV with Unmatched Creativity

    Aoun Ali Khan, brimming with talent, has hit the music, film, and TV headlines in an extraordinary outpour of creative fervor. The multi-faceted artist,...

    Related articles