Telenor Pakistan put on sale, parent company to welcome bids
The Norwegian telecom company, in collaboration with the city Citigroup will welcome bidders for the sale of the company later this month.
Telenor has made the decision to put a halt to its business in Pakistan. The net worth of the business is reported to be $1 billion, and the company is now up for grabs.
The Norwegian telecom company, in collaboration with the city Citigroup will welcome bidders for the sale of the company later this month. It is also important to mention that Telenor Pakistan has been on sale for quite some time now, but the real challenge has been the quest to find a viable deal. News sources have confirmed that PTCL is in advanced talks with Telenor, but the outcome is still unsure. More recently, the head of Telenor Group confirmed plans for the realignment of Asian operations.
In July 2022, Telenor confirmed that it would carry out a strategic review of its operations in Pakistan after spending a hefty amount of $244 million in a stressed economy. Bloomberg did not name any specific entity, but it did remark that companies in Asia and Middle East that are already working in Pakistan are expected to indulge in the bidding process.
Telenor has 175 million customers in eight countries across Nordic region and Asia, but in recent years, it has sought to cut costs and boost cash flow to make room for investments.
What are your views on this? Share in the comments bar below.