world condemns israel for brutal attack on gaza hospital (1)
The Pakistan Telecommunication Company Ltd (PTCL) is in talks with the International Finance Corporation (IFC) a part of the World Bank, to Secure a $400 million loan. The purpose of this loan is to help PTCL acquire Telenor Pakistan.
Earlier PTCL’s Board of Directors gave the Green light to make a Formal offer to Purchase an unnamed Company following a thorough Review. Although they didn’t Reveal the Company’s name it’s widely Believed to be Telenor Pakistan which seems to be Planning to sell its business in Pakistan.
PTCL and IFC are in the final stages of negotiations to Secure the $400 million loan which will be used for the Telenor deal.
Telenor’s Board will meet in November or December 2023 to Decide on the offer. So far they have Received two offers one from a Lebanese Group and another from PTCL.
The Acquisition could involve a Significant amount of Money potentially over $400 to $500 million. While PTCL is arranging the financing the Government of Pakistan which owns 74% of the shares may bear the majority of the financial Responsibility.
Read more: US Dollar Loses Value Against Pakistani Rupee in Interbank Trading
It’s important to note that this Deal is still in the early Stages and it hasn’t been shared with Regulatory bodies like the Competition Commission of Pakistan (CCP). These Regulatory steps will come into play once Telenor’s board gives its Approval which is likely to happen within the next two Months.
Read More: PIA’s Employee Bonus Amid Financial Challenges
Telenor hasn’t Officially approached the Pakistan Telecommunication Authority (PTA) regarding the Buyout. The PTA will provide Guidance when Telenor officially makes the Request.
The Potential acquisition is Significant for Pakistan’s telecom industry and will be Closely Monitored by experts and the Public to see how it affects the Telecommunications landscape in the Country.