Telenor Completes Sale of Pakistan Operations to PTCL, Receives Rs 25 Billion Cash Flow

Telenor Group has officially completed the sale of its Pakistan operations to Pakistan Telecommunication Company Limited (PTCL), part of the global technology group e&, marking a significant milestone in Pakistan’s telecom sector.

The transaction, initially announced on 14 December 2023, valued Telenor Pakistan at NOK 5.3 billion (Rs 147.2 billion) on a cash-and-debt-free basis. The closing confirms this valuation at NOK 5.4 billion (Rs 149.99 billion), subject to final end-of-year adjustments. Since the announcement, Telenor has received NOK 0.9 billion (Rs 25.01 billion) in cash flow from its Pakistan operations.

Telenor Completes Sale of Pakistan Operations to PTCL, Receives Rs 25 Billion Cash Flow

Over the past 20 years, Telenor Pakistan has connected over 40 million customers to critical digital services, including 4G technology in underserved regions, driving digital inclusion nationwide. Its products and services have supported the growth of key sectors such as agriculture, banking, and technology freelancing communities, contributing to Pakistan’s broader economic development.

Telenor Pakistan has also been recognized for community-focused initiatives, including promoting safe internet use, digital skills, and mobile identity, fostering responsible connectivity and inclusion across the country.

“Telenor Group’s strategy focuses on maintaining market-leading positions in Asia while enabling consolidation and innovation in Pakistan’s telecom sector. We thank our customers, partners, and employees for their support and dedication in making Telenor Pakistan a remarkable success,” said Benedicte Schilbred Fasmer, CEO of Telenor Group.

See Also: Awais Vohra appointed as Acting CEO of Telenor Pakistan

Jon Omund Revhaug, Head of Telenor Asia, added, “To the employees of Telenor Pakistan: your resilience and innovation have transformed the company and made a real difference to millions of Pakistanis. As you move forward into this new chapter, your legacy will continue to inspire Pakistan’s digital future.”

The completion of this transaction marks a significant consolidation in Pakistan’s telecom market, while Telenor’s legacy in promoting connectivity and digital inclusion is expected to have lasting impacts on the country’s economy and society.