Karachi January 31 2023: The Board of Directors of PakIstan Telecommunication Company limited (PTCL) has authorized the Company to explore potential investment in the Telecom sector in Pakistan, according to company filing at the exchange.
However, company did not disclose any further details in its notice.
Earlier Bloomberg reported that Telenor ASA is pushing ahead with plans to sell its operations in Pakistan, which could be valued at about $1 billion.
The Norwegian telecommunications operator is working with Citigroup Inc. and will invite first round bids for the business later this month, the people said, asking not to be identified discussing confidential information, reported by Bloomberg.
Telenor said in July that it would conduct a strategic review of its Pakistan unit after posting a 2.5 billion-krone ($244 million) impairment on operations in the emerging economy.
In another deal, TPL Properties announce that the Parent of one of the largest Telecom Tower operators in Pakistan, Veon Limited owner of Jazz, has conditionally accepted the offer, made by our subsidiary TPL REIT Management Company Limited in partnership with TASC Towers (the “Consortium”) for acquisition of their subsidiary (Telecom Tower Infrastructure Company) which owns and manages more than 10,500 telecom towers in Pakistan.
PTCL Group revenue has increased by 8 percent to PKR 110.5 billion YoY in first nine months of calendar year, mainly driven by strong performance in the consumer segment led by fixed broadband, mobile data, and wholesale & business solutions, along with microfinance services.
The Group’s profitability remained under pressure due to significant hike in power and fuel tariffs, devaluation of the Pak Rupee against USD, higher interest rates, and other costs associated with the acquisition of 4G spectrum and related network rollout. The Group has posted a net loss of Rs 5.6 billion.