Islamabad: The Board of Governors of the International Finance Corporation (IFC) has provided assistance to finance the PTCL Group for the acquisition of Telenor Pakistan. The decision sees the PTCL Group sign a share purchase agreement with Telenor Pakistan to acquire 100 percent of the company’s shares in cash, debt-free.
PTCL has partnered with IFC, a member of the World Bank, to finance the implementation of the agreement. The approval of the financing by the International Finance Corporation (IFC) not only reflects the renewed confidence in Pakistan’s economy but also shows the huge potential of the country’s telecommunications sector.
This further demonstrates the international organization’s confidence in the PTCL Group’s capabilities as a leading facilitator in realizing the ‘Digital Pakistan Vision’.
PTCL Group signed a share purchase agreement with Telenor Pakistan to acquire a 100 percent stake in the company in December last year. The deal is one of the most significant developments in the country’s telecom sector.
The deal will not only strengthen PTCL Group’s market position but will also transform the country’s telecom and digital sectors by accelerating growth and innovation.
The acquisition of Telenor Pakistan by PTCL Group is subject to necessary regulatory approvals.
