In a significant development, Pakistan Telecommunication Company Limited (PTCL) officially announced on Tuesday its board’s approval for the submission of a binding offer to acquire the telecommunications giant, Telenor Pakistan.
Following a preliminary non-binding offer, PTCL’s move towards a binding offer is contingent upon the State Bank of Pakistan’s (SBP) confirmation of the payment method. This pivotal step has expected to executed on either September 1 or September 2, 2023.
Notably, Telenor Pakistan has also received a competitive bid from a Lebanese investor, introducing an element of decision-making complexity. The final verdict now rests with Telenor Pakistan as it navigates these offers. Market reports suggest that the anticipated deal size could range between $500 million to $700 million.
A formal communication to this effect has dispatched to the Pakistan Stock Exchange by PTCL on Tuesday. The announcement disclosed that the PTCL Board of Directors, after thorough due diligence, granted the authorization on August 29, 2023, to proceed with the binding offer to the target entity.”