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.
