At $400 million, PTCL acquired Telenor Pakistan.

PTCL has successfully acquired a 100% stake in Telenor Pakistan for $400 million, assuring that there will be no outflow of dollars from the country due to this transaction. PTCL President Hatem Bamatraf highlighted that this deal is crucial for consolidating the telecom market in Pakistan, as having four players was deemed unsustainable compared to other regional markets. The telecom sector in Pakistan has faced challenges due to the market structure.

The funding for the $400 million acquisition is expected to come from a consortium involving the International Finance Corporation (IFC) and a Chinese firm, with a proposed split of 60% and 40%, respectively. While the funding deal is not finalized, it is anticipated to be completed soon. It's important to note that the acquisition does not include Telenor Microfinance Bank and Telenor shared services.

The potential purchase of Telenor Microfinance Bank is under consideration, and PTCL, among others, has submitted a binding offer. However, approval is pending due to the existing joint venture between Telenor and the Chinese company ANT, requiring consent from both parties.

Regarding the brand name, the CEO of PTCL mentioned that no decision has been made yet, and it will be finalized after obtaining procedural approval from various regulators, including CCP, SECP, PTA, and SBP.

In response to inquiries about participation in 5G technology, PTCL representatives emphasized the necessity for the government to establish an enabling environment that safeguards the interests of existing telecom players in the adoption of 5G technology. The acquisition aims to create strategic synergies, providing enhanced value for customers and stakeholders through improved coverage, seamless data experiences, extensive reach, and a diverse range of products and services.