Pakistan Telecommunication Company Ltd (PTCL) is in talks with the International Finance Corporation (IFC), a subsidiary of the World Bank, to secure a loan of $400 million for a potential acquisition of Telenor Pakistan.
According to media reports it has been substantiated that PTCL and IFC are currently in the advanced phases of concluding the $400 million loan agreement.
Following a comprehensive due diligence process, PTCL’s Board of Directors authorized the submission of a binding offer to the target company on August 29, 2023. While the official documents did not explicitly mention the company’s name, it was widely known that Telenor Pakistan was planning to divest its holdings and exit the country.
Telenor’s Board of Directors is expected to convene in either November or December 2023 to consider and potentially approve a binding offer. It has come to light that Telenor has already received two offers, one from a Lebanese group and the other from PTCL.
