Pakistan Telecommunication Firm Restricted (PTCL) on Wednesday accomplished the acquisition of one hundred pc of the issued share capital of Telenor Pakistan and Orion Towers, mentioned a press launch.
The Pakistan Telecommunication Authority (PTA) accredited the merger of Telenor Pakistan with PTCL earlier in December.
The regulator, nonetheless, imposed strict situations to forestall abuse of market energy and to bind the brand new entity to put money into upcoming spectrum auctions.
“Telenor Pakistan and Orion Towers will function as 100% owned subsidiaries of PTCL, alongside Pak Telecom Cell Restricted (PTML) generally referred to as Ufone 4G, and U Microfinance Financial institution.”
Nevertheless, Telenor Pakistan will proceed to function as a separate entity in the course of the transition interval, mentioned the assertion, including that PTML and Telenor will then be merged as a single entity in “due course of time”, topic to regulatory approvals.
Acknowledging the contribution of Telenor to Pakistan’s telecom panorama, PTCL mentioned the telco “performed a defining position in elevating service high quality and increasing connectivity over practically twenty years”.
“This milestone brings collectively complementary strengths to create a platform with a stronger deal with buyer centricity, broader attain, and accelerated innovation,” added the press launch.
“It is a proud second for PTCL and a major milestone for Pakistan’s telecom sector. Our focus stays on delivering a customer-centric, seamless, and high-quality companies for enchancment in consumer expertise as we carry mixed strengths at scale upon completion of regulatory approvals,” mentioned the press launch, quoting President & Chief Govt Officer PTCL and Ufone Hatem Bamatraf.
“Collectively, we are going to construct a stronger, future-ready group that serves clients higher, empowers its folks, and advances Pakistan’s digital future,” he added.
In October, the coverage board of PTCL accepted the phrases and situations set by the Competitors Fee of Pakistan (CCP) for the merger with Telenor Pakistan.
