Oslo, Islamabad, Singapore, 14 Dec 2023: Telenor Group today announces the sale
of its Pakistan telco operations to Pakistan Telecommunications Company Ltd
("PTCL"), which is part of technology and investment group e&. PTCL's major
assets include Ufone, a mobile operator in Pakistan with over 20 million
customers.
The sale is part of Telenor's strategy to build scale and market-leading players
in Asia, as presented at the 2022 Capital Markets Day. It concludes the
strategic review of the telco operations in Pakistan, which was announced in
July 2022.
The remaining Telenor Asia portfolio comprises of market-leading operators
Grameenphone in Bangladesh, CelcomDigi in Malaysia and True Corporation in
Thailand, with close to 160 million customers.
The transaction values Telenor Pakistan at NOK 5.3 billion on a cash-and-debt-
free basis. This includes repayment of intercompany loans of NOK 3.5 billion and
reduced interest-bearing liabilities of NOK 1.8 billion, including leases.
Sigve Brekke, CEO, Telenor Group commented: "Our decision to pursue the sale of
our Pakistan operations follows 18 successful years of operations in the
country, which started as a greenfield rollout. We are proud of the company
Telenor Pakistan is today. It is an efficient and future-ready telco operator,
with a strong distribution network and talented team serving 45 million
customers. By selling to the country's largest integrated ICT company, we
believe this consolidation move would help strengthen Pakistan's telecoms
sector, creating opportunities in new areas of growth to the benefit of
consumers in Pakistan."
Petter-Børre Furberg, Head of Telenor Asia, added: "We systematically considered
all alternatives during the strategic review process and believe that, following
a sale, the market will be better served by a strong local champion. Our
strategy in Asia is to build number one positions in the markets we operate,
with scale as a pre-requisite for value creation and profitable growth. We thank
and acknowledge the commitment of the Telenor Pakistan team and partners, who
will continue to serve customers well in the transition. Looking ahead, Telenor
Asia will remain an active owner for the three market-leading businesses which
make-up our Asian portfolio."
Telenor Pakistan will continue its business as usual and focus on delivering
services to its 45 million customers. The agreement is subject to regulatory
approvals and other customary terms and conditions. The transaction is expected
to be completed during 2024.
Media contact:
David Fidjeland, Director Media Relations, Telenor Group
+47 93 46 72 24 | david.fidjeland@telenor.com
(mailto:david.fidjeland@telenor.com)
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