Connect with us

Business

PTCL approves acquisition of Telenor Pakistan

Published

on

  • 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

Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

Published

on

By

There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

Continue Reading

Business

SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

Published

on

By

Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

Continue Reading

Business

July 2024 export data from Pakistan shows a significant rise.

Published

on

By

The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

Continue Reading

Trending