Karachi: Pakistan Telecommunication Company Limited (PTCL) and a consortium led by the International Finance Corporation (IFC) celebrated a major financing deal that will support PTCL’s acquisition of Telenor Pakistan and Orion Towers. The ceremony, marking a significant phase in this acquisition pending regulatory approval, was held in Karachi and featured prominent figures from the financial and telecommunications sectors.
According to Pakistan Telecommunication Company Limited, the deal was initially structured in December 2023 when PTCL signed a share purchase agreement for 100% shares of Telenor Pakistan and Orion Towers, at a purchase price of PKR 108 billion. The financing, approved by the IFC in April 2024 and supported by the Silk Road Fund and British International Investment, amounts to up to USD $400 million. This event follows the June 2024 signing of the financing agreement and is heralded as a pivotal moment for PTCL’s growth and for the telecom sector in Pakistan.
Governor of the State Bank of Pakistan, Mr. Jameel Ahmad, who attended the event as the chief guest, praised the deal for revitalizing confidence in Pakistan’s telecom sector, noting its critical role in the national economy. Mr. Ahmad emphasized the State Bank’s commitment to facilitating this transformative development, which is expected to bring widespread benefits to Pakistan.
Hatem Bamatraf, President and Group CEO of PTCL and PTML (Ufone 4G), expressed gratitude towards the IFC-led consortium for enabling what he described as the largest single financing in the industry’s history. He highlighted that this deal not only strengthens PTCL Group but also promotes the financial sustainability of the telecom sector, allowing for greater economies of scale and enhanced service delivery across Pakistan.
IFC’s Regional Director for the Middle East, Pakistan, and Afghanistan, Khawaja Aftab Ahmed, also spoke at the event, underscoring IFC’s commitment to improving Pakistan’s digital infrastructure in partnership with PTCL Group and other investors. The ceremony concluded with the distribution of memorabilia and a collective anticipation of the Competition Commission of Pakistan’s approval to finalize the acquisition.