Telenor concludes strategic review in Pakistan with sale of Telenor Pakistan to PTCL
December 14 2023 - 12:52AM
Telenor concludes strategic review in Pakistan with sale of Telenor
Pakistan to PTCL
Oslo, Islamabad, Singapore, 14 Dec 2023: Telenor Group
today announces the sale of its Pakistan telco operations to
Pakistan Telecommunications Company Ltd (“PTCL”), which is part of
technology and investment group e&. PTCL’s major assets include
Ufone, a mobile operator in Pakistan with over 20 million
customers.
The sale is part of Telenor’s strategy to build scale and
market-leading players in Asia, as presented at the 2022 Capital
Markets Day. It concludes the strategic review of the telco
operations in Pakistan, which was announced in July 2022.
The remaining Telenor Asia portfolio comprises of market-leading
operators Grameenphone in Bangladesh, CelcomDigi in Malaysia and
True Corporation in Thailand, with close to 160 million
customers.
The transaction values Telenor Pakistan at NOK 5.3 billion on a
cash-and-debt-free basis. This includes repayment of intercompany
loans of NOK 3.5 billion and reduced interest-bearing liabilities
of NOK 1.8 billion, including leases.
Sigve Brekke, CEO, Telenor Group commented: “Our decision to
pursue the sale of our Pakistan operations follows 18 successful
years of operations in the country, which started as a greenfield
rollout. We are proud of the company Telenor Pakistan is today. It
is an efficient and future-ready telco operator, with a strong
distribution network and talented team serving 45 million
customers. By selling to the country’s largest integrated ICT
company, we believe this consolidation move would help strengthen
Pakistan’s telecoms sector, creating opportunities in new areas of
growth to the benefit of consumers in Pakistan.”
Petter-Børre Furberg, Head of Telenor Asia, added: “We
systematically considered all alternatives during the strategic
review process and believe that, following a sale, the market will
be better served by a strong local champion. Our strategy in Asia
is to build number one positions in the markets we operate, with
scale as a pre-requisite for value creation and profitable growth.
We thank and acknowledge the commitment of the Telenor Pakistan
team and partners, who will continue to serve customers well in the
transition. Looking ahead, Telenor Asia will remain an active owner
for the three market-leading businesses which make-up our Asian
portfolio.”
Telenor Pakistan will continue its business as usual and focus
on delivering services to its 45 million customers. The agreement
is subject to regulatory approvals and other customary terms and
conditions. The transaction is expected to be completed during
2024.
Media contact:
David Fidjeland, Director Media Relations, Telenor Group
+47 93 46 72 24 | david.fidjeland@telenor.com
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