Pakistan Telecommunication Company Limited (PTCL) has announced to buy 100% shares of Telenor, Telecom company in Pakistan.
It may be recalled that Telenor Pakistan had hinted at exiting the country since last year amid rising cost of doing business.
According to the statement issued by PTCL, the agreement for the purchase of 100% shares of Telenor Pakistan has been concluded, the purchase of 100% shares will be for 108 billion rupees.
PTCL and PTML President and Group CEO Hatim Bamtaraf expressed confidence in the collaboration with Telenor Pakistan.
He said that we believe that the strategic synergy between PTCL and Telenor Pakistan will be very beneficial for our customers and stakeholders, as the real benefit from this agreement will be our customers.
— PTCL (@PTCLOfficial) December 14, 2023
He said that both PTCL and Telenor have strong and talented teams that will adopt the best qualities of both companies to deliver quality services and foster a culture of collaboration.
E&K Group CEO Hatim Davidar said that the acquisition of Telenor Pakistan is a great opportunity for market consolidation, which will help us build a future-oriented network in Pakistan.
He further said that this agreement reinforces our commitment to develop Pakistan’s telecom sector, which will enable us to deliver additional benefits to our customers and stakeholders.
He said we want to create a landmark telecom system, where through integrated innovation and connectivity, opportunities can be created to better serve consumers and all people and accelerate the digital transformation journey in the future.
PTCL Board Chairman Hasan Nasir Jami said that PTCL Group has a key role in providing communication facilities to the people of Pakistan.
He said that together they will play a role in Pakistan’s digital transformation. Our determination to do so has been strengthened.