By Telenor, a leading global telecommunications company, has announced the sale of its Pakistan business to Pakistan Telecommunications Company. The deal values the unit at 5.3 billion Norwegian kroner ($491.8 million).
Strategic Decision Aligned with Telenor’s Asian Strategy
Following a strategic review, Telenor has decided to divest its Pakistan business. This move is part of Telenor’s overall strategy in Asia, which focuses on building leading positions in select markets, while reducing risk and prioritizing cash generation.
Telenor’s Asia Portfolio Holds Strong Ground
Telenor’s remaining portfolio in Asia includes prominent operators such as Grameenphone in Bangladesh, CelcomDigi in Malaysia, and True Corporation in Thailand. With a combined customer base of nearly 160 million, Telenor continues to hold a strong position in the region.
Positive Financial Contributions from Telenor Pakistan
In the first nine months of 2023, Telenor Pakistan contributed NOK2.6 billion to the group’s service revenues and NOK1.4 billion to group earnings before interest, tax, depreciation, and amortization (EBITDA). Despite the sale, the company does not anticipate any significant impact on its financials for 2023.
Regulatory Approvals Pending
The agreement is still subject to regulatory approvals and other customary terms and conditions. Telenor expects the transaction to be completed during 2024.
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