PTCL Karachi — The Board of Directors of the International Finance Corporation (IFC) has approved a debt financing of up to $400 million for Pakistan Telecommunication Company Limited to buy Telenor Pakistan (Private) Limited.
PTCL notified the Pakistan Stock Exchange (PSX) of the development via a notification. It stated that the financial arrangement is likely to be concluded on or before July 31, 2024.
It stated that the terms of the $400 million loan financing would be announced after the arrangement is finalized.
Last December, the PTCL signed a Share Purchase Agreement (SPA) with Telenor Pakistan’s shareholders to acquire 100% of its shares.
According to media sources, the arrangement had an Enterprise Value of Rs108 billion and was cash and debt-free.