Pakistan Telecommunication Company Limited (PSX: PTC) informed the Pakistan Stock Exchange of its intention to make a significant investment with Telenor in the country’s telecom sector.
The filing read, “In continuation of our earlier letter dated Jan 31, 2023, the Board of Directors of Pakistan Telecommunication Company Limited (the “PTC/Company”) has authorized the Company to explore potential investment opportunity(ies) in the telecom sector in Pakistan.”
“After conducting due diligence, the Board of Directors approved making a binding offer to the target Company on August29, 2023. Note that this opportunity is contingent to your acceptance of the offer, completion and execution of definitive papers, and the timely receipt of all required regulatory consents and approvals.
PTCL will offer Telenor
The company has said that any updates regarding the binding offer would be communicated in accordance with applicable regulations. Telenor Group, which previously focused on the Thai market but has lately integrated its operations there, is moving its attention to European markets.
It’s plausible to assume that Pakistan Telecommunications Company Limited (PTCL) wants to combine its cellular division (Ufone) with Telenor. Previous countries where Telenor Group had businesses that were closed include India, Myanmar, and Indonesia.
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