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IFC approves financing for PTCL Group’s acquisition of Telenor Pakistan

10:57 AM | 9 Apr, 2024
IFC approves financing for PTCL Group’s acquisition of Telenor Pakistan

ISLAMABAD - The International Finance Corporation (IFC) Board of Directors has provided a go-ahead for the funding to PTCL Group to purchase Telenor Pakistan. The decision follows PTCL Group's signing of a share purchase agreement with Telenor Pakistan to acquire a 100 per cent stake in the company on a cash-free, debt-free basis.

PTCL has been engaged with IFC, a member of the World Bank Group, for financing to materialize the deal. The approval of the funding by the International Finance Corporation (IFC) not only signifies renewed trust in Pakistan's economy but also underscores the immense potential of the country's telecom sector. Moreover, it reflects the confidence of the international body 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 in December last year to acquire a 100 per cent stake in the company. The deal is one of the most noteworthy events in the country’s telecom sector. Accelerating growth and innovation are poised to strengthen PTCL Group's market standing and transform the country’s telecom and digital industry.

The acquisition of Telenor Pakistan by PTCL Group is subject to necessary regulatory approvals. 

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 19 May 2024

Pakistani currency rates against US Dollar and other currencies on May 18, 2024 (Saturday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 19 May 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegian Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Baht THB 7.57 7.72

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