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