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Categories: BusinessNews

IFC approves financing for PTCL Group’s acquisition of Telenor Pakistan

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The Board of Directors of the International Finance Corporation (IFC) has provided a go-ahead for financing to PTCL Group for the purchase of Telenor Pakistan. The decision follows PTCL Group’s signing of a share purchase agreement with Telenor Pakistan for the acquisition of a 100 percent stake in the company on a cash-free, debt-free basis.

PTCL has been engaged with IFC, a member of the World Bank Group, for financing to materialize the deal. The approval of financing by the International Finance Corporation (IFC) not only signifies renewed trust in Pakistan’s economy but also underscores the immense potential of the country’s telecom sector. Moreover, it reflects the confidence of the international body in the PTCL Group’s capabilities as a leading facilitator in realizing the ‘Digital Pakistan Vision.’

PTCL Group had signed the share purchase agreement with Telenor Pakistan for the acquisition of a 100 percent stake in the company in December last year. The agreement is one of the most noteworthy events in the country’s telecom sector. The deal is not only poised to strengthen the market standing of PTCL Group but also transform the country’s telecom and digital sector by accelerating growth and innovation.

The acquisition of Telenor Pakistan by PTCL Group is subject to necessary regulatory approvals.

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Zayn

Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.

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