ISLAMABAD: The Pakistan Telecommunication Company Limited (PTCL) stated that its board had decided to approve the sale of Telenor Pakistan, a telecom firm that provides mobile and digital services.
The News reports that the telecom authority’s announcement was made on Tuesday after receiving board approval to make a binding offer to complete the purchase.
The company had previously received a non-binding offer from the PTCL. After obtaining confirmation from the State Bank of Pakistan (SBP) regarding the method of payment, the authorities will now make a legally binding offer.
On September 1 or 2, an offer is most likely to be made to Telenor Pakistan.
A Lebanese investor has also proposed for Telenor Pakistan, and the corporation will now make the final decision.
According to the sources, the sale of Telenor Pakistan is expected to be completed for between $500 and $700 million.
According to a PTCL announcement issued to the Pakistan Stock Exchange on Tuesday, the board of directors authorized the company to make a binding offer to the target company on August 29, 2023, after a process of due diligence.
PTCL made a non-binding offer to buy Telenor Pakistan at the beginning of the year after considering the purchase at an estimated price of between $800 million and $1.2 billion.
The board of directors of PTCL was interested in purchasing the cell phone firm with managerial control and accepted the purchase of the majority of Telenor’s shares.
The parent firm of PTCL, Etisalat, provided guarantees to raise commercial loans to close the deal.
