Business

PTCL approves acquisition of Telenor Pakistan

Published

1 year ago

Farwa

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.

Business

February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

Published

5 hours ago

Farwa

KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

1 day ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

1 day ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.