PTCL board greenlights acquisition of telecom firm

This binding offer will be given to acquire a telecommunication company Telenor Pakistan

By Our Correspondent
August 30, 2023
Pakistani police deployed in front of the building of Pakistan Telecommunication Company Limited (PTCL), the largest landline telephone network in Islamabad. — AFP/File
Pakistani police deployed in front of the building of Pakistan Telecommunication Company Limited (PTCL), the largest landline telephone network in Islamabad. — AFP/File

ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) on Tuesday confirmed that its board had granted approval for making a binding offer to acquire one target company.

This binding offer will be given to acquire a telecommunication company Telenor Pakistan.

Earlier, the PTCL had given a non-binding offer to Telenor Pakistan. PTCL will make binding offer after getting confirmation from the State Bank of Pakistan (SBP) with regard to mode of payment. It is likely to give the binding offer to Telenor Pakistan on September 1 or September 2, 2023.

The Telenor Pakistan has also received a bidding offer from a Lebanese investor and now the company will take the final decision.

The sources said that the sale of Telenor Pakistan is expected to be finalised somewhere between $500 to $700 million.

The PTCL communique sent out to Pakistan Stock Exchange on Tuesday stated that after a due-diligence process, the Board of Directors on August 29, 2023 authorized the company to make a binding offer to the target company.