Pakistan Telecommunication Company Limited (PSX: PTC) has shown its interest in making a sizable investment in the country’s telecom sector, the company informed the Pakistan Stock Exchange on Tuesday.

“In continuation of our earlier letter dated Jan 31, 2023 the Board of Directors of Pakistan Telecommunication Company Limited (the “PTC/Company) has authorized the Company to explore potential investment opportunity(ies) in the telecom sector in Pakistan,” the filing stated.

“After a due-diligence process, [the] Board of Directors on August 29th, 2023 has authorized the Company to offer a binding offer to the target Company. Please note that this opportunity is subject to certain conditions, including inter alia acceptance of the offer, finalization and execution of definitive documents as well as receipt of all regulatory consents and approvals,” it added.

The company said any further developments in respect of the binding offer shall accordingly be notified as per applicable laws.

Telenor Group, which operates telecom businesses in nine markets across Europe and Asia, is now shifting its focus to European markets as it recently merged its operations in Thailand.

A similar pattern could be followed in Pakistan where it is safe to say, PTCL is looking to merge Telenor with Ufone, the cellular arm of the PTCL group.

Telenor Group previously wrapped up its operations in India, Myanmar, and Indonesia as well.

Source: Pro Pakistani