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PTCL acquires 100% stake in Telenor for Rs108bn

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11 months ago

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  • PTCL signs Share Purchase Agreement with Telenor. 
  • PTCL, Telenor possess strong teams: PTCL president.
  • Completion of acquisition subject to regulatory approvals.

KARACHI: Pakistan Telecommunication Company Limited (PTCL) on Thursday announced that it has acquired Telenor Pakistan on an enterprise value of Rs108 billion on a cash-free debt-free basis. 

The telecommunications company said that they signed a Share Purchase Agreement to acquire a 100% stake in Telenor. 

A spokesperson of the PTCL said the acquisition brought together the strengths and expertise of PTCL Group and Telenor Pakistan, creating synergies that will drive innovation and bolster their market, allowing them to reach a broader customer base and accelerate the digital transformation journey.

“The milestone will add to PTCL’s strategic growth and market expansion, solidifying its position as a key player. Our combined strength will revolutionise the telecom industry in Pakistan,” the spokesperson said.

Hatem Bamatraf, president and group CEO, of PTCL & PTML, said: “We are confident that the strategic synergies created by combining forces with Telenor Pakistan will result in enhanced value for our customers and stakeholders as they are the ultimate beneficiaries of this transaction. Both PTCL and Telenor possess strong and talented teams which would be dedicated to developing a culture of delivery and teamwork by adopting the best of both companies. The combined entity will serve as a best-in-class provider across all domains with better coverage, seamless data experience, massive reach and a wide range of products and services for customers.”

Group CEO Hatem Dowidar said: “The strategic acquisition of Telenor Pakistan presents a significant opportunity for market consolidation, empowering us to invest more in creating the best next-generation network in Pakistan. This move reinforces our commitment to the progress of the country’s telecom sector, delivering added value to our customers and shareholders. In shaping a telecom legacy where innovation and connectivity merge to explore future opportunities, we aim to accelerate digital transformation to better serve our customers and community.”

The completion of the acquisition is subject to regulatory approvals and customary closing conditions.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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