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PTCL approves acquisition of Telenor Pakistan

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1 year 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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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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2 days ago

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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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2 days ago

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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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