PTCL Board Greenlights Acquisition of Telenor Pakistan

On Tuesday, Pakistan Telecommunication Company Limited (PTCL) confirmed that its board had finally granted approval for making a binding offer to acquire one target company. It is pertinent to mention here that this binding offer will be given to acquire a telecommunication company Telenor Pakistan.

PTCL Board Grants Approval For Making Binding Offer To Telenor

According to the latest reports, the PTCL gave a non-binding offer to Telenor Pakistan. However, Pakistan Telecommunication Company Limited will make the binding offer after getting confirmation from the State Bank of Pakistan (SBP) with regard to the mode of payment. Reports claim that the binding offer will probably be given to Telenor Pakistan on September 1 or September 2, 2023.

The point worth mentioning here is that Telenor Pakistan also received a bidding offer from a Lebanese investor. Now the company will make the final decision. The sources claim that the Telenor Pakistan deal is expected to be finalized somewhere between $500 to $700 million.

On Tuesday, the PTCL communique was sent out to the Pakistan Stock Exchange. It stated that after a due diligence process, the Board of Directors on August 29, 2023, authorized the company to make a binding offer to the target company.

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