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PTCL approves acquisition of Telenor Pakistan

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2 years ago

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  • Board approves making binding offer for acquisition.
  • Earlier PTCL gave non-binding offer to Telenor.
  • Offer will be likely made on September 1 or 2.

ISLAMABAD: The Pakistan Telecommunication Company Limited (PTCL) has announced its board’s decision approving the acquisition of a telecom company, Telenor Pakistan — a cellular and digital services provider.

The development by the telecommunication authority, according to The News, was confirmed on Tuesday following its board’s approval for making a binding offer to finalise the purchase.

The PTCL, earlier, gave a non-binding offer to the company. The authority will now make a binding offer after getting a confirmation from the State Bank of Pakistan (SBP) with regard to the mode of payment.

The offer is likely to be made to Telenor Pakistan on September 1 or 2.

Telenor Pakistan has also received a bidding offer from a Lebanese investor and the company will now 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 the Pakistan Stock Exchange on Tuesday stated that after a due diligence process, the board of directors on August 29, 2023, authorised the company to make a binding offer to the target firm.

At the start of the year, the PTCL made a non-binding offer to acquire Telenor Pakistan after eyeing to buy it at a possible price range of $800 million to $1.2 billion.

The PTCL’s board of directors, which gave a nod to acquiring majority shares of Telenor, was interested in buying the cellular company with management control.

Etisalat, the PTCL’s parent company, gave guarantees to raise commercial loans to finalise the deal. 

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Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

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3 days ago

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Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

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Business

As the MPC meeting draws closer, stocks rise.

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3 days ago

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On the final working day of trading, the Pakistan Stock Exchange (PSX) maintained its optimistic trend.

After rising more than 900 points, the benchmark KSE-100 index stabilized around 114,684 points.

The forthcoming Monetary Policy Committee (MPC) meeting on March 10 is allegedly connected to the bullish trend.

Recall that the KSE-100 index gained over 1,400 points on Thursday before closing at 113,713 points.

The greenback, on the other hand, dropped Rs0.07, from Rs279.82 to Rs279.75.

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Business

FBR to Enhance Revenues: Enacts Significant Reforms, Attains Record Revenue Collection

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4 days ago

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The Federal Board of Revenue has effectively executed significant reforms in the past year, enhancing tax administration, compliance, and digital transformation under the leadership of Prime Minister Shehbaz Sharif.
The FBR implemented AI-driven risk identification algorithms to improve tax audits and introduced a customer relationship management dashboard for real-time compliance monitoring.
Moreover, AI-driven Customs Intelligence and digital invoicing systems have transformed tax collection and customs operations.
The implementation of faceless customs assessment has markedly diminished clearance waits, optimizing international trade.
The unified sales tax return has streamlined the tax filing procedure, while the continuous advancement of a tier-3 data center seeks to enhance data security and AI-driven surveillance.
To enhance transparency, the FBR digitized its litigation management system for faster dispute resolution.

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