Karachi (TDI): Pakistan Telecommunication Company Ltd (PTCL) and International Finance Corporation (IFC)-led consortium has agreed over $400 million financing that would assist PTCL plan of acquisition of Telenor Pakistan and its subsidiary Orion Towers (Private) Ltd.
The country’s largest telecom operator, PTCL, had to materialize its planned acquisition of 100 per cent shares in Telenor Pakistan and Orion Towers (Pvt) Ltd for which it had signed deal, in December 2023, with Telenor (ASA) and agreed at the acquisition price of Rs108 billion on debt- free cash-free basis.
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A PTCL statement said that the PTCL approached IFC for financing of the project, which was subsequently approved by the IFC Board of Directors.
The IFC-led consortium includes the Silk Road Fund (SRF), a Chinese state-owned medium-to-long-term investment fund, and British International Investment (BII), the UK’s development finance institution and impact investor.
At a ceremony to mark the deal, State Bank of Pakistan Governor Jameel Ahmed called the IFC financing reflection of the world’s confidence in Pakistan’s telecom sector and its growth potential.
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According to media reports, President and Group CEO, PTCL and PTML (Ufone 4G), Hatem Bamatraf also said that the deal with the IFC-led consortium marked a defining moment for Pakistan’s telecom sector.
Experts view the deal is important as it reflects restoration of confidence in the market and a new wave of starting economic activities in Pakistan.
