Telenor has received NOK 0.9 billion (Rs 25.012 billion) in cash flow from Telenor Pakistan since the announcement of the transaction with Pakistan Telecommunication Company Limited (PTCL). Telenor Group has announced the successful completion of the sale of Telenor Pakistan to Pakistan Telecommunication Company Limited (PTCL), part of the global technology group e&.
The Group stated that when the sale was announced on 14 December 2023, Telenor Pakistan was valued at NOK 5.3 billion (147.208 billion) on a cash-and-debt-free basis. The closing of the transaction confirms this valuation level (NOK 5.4 billion (Rs 149.993 billion), given September currency rates, subject to final end-of-year adjustments). In addition, Telenor has received NOK 0.9 billion in cash flow from Telenor Pakistan since the announcement of the transaction.
Since its launch 20 years ago, Telenor Pakistan has brought critical connectivity and digital services to over 40 million customers, including 4G technology to underserved regions, and has enabled digital inclusion in the country. Telenor Pakistan’s products and services have driven the growth of Pakistan’s key economic sectors, such as agriculture, banking, and its technology freelancing communities.
The company’s journey has been defined by its commitment to empowering communities with initiatives on safe internet use, digital skills, and mobile identity, promoting responsible connectivity and inclusion across Pakistan.
Telenor Group extends its gratitude to the 40+ million customers of Telenor Pakistan, to partners who collaborated to provide services to customers, and to employees whose dedication and innovation have shaped the company’s legacy.
“The completion of this transaction reflects Telenor Group’s strategy to focus on being an active owner of market-leading positions in Asia, while enabling consolidation and innovation in Pakistan’s telecom sector. As we close this sale transaction today, I want to express my heartfelt thanks to our customers, partners, and especially our employees, who have been part of this remarkable story. Your support and belief in our mission have made a lasting difference in Pakistan’s economy and society,” said Benedicte Schilbred Fasmer, Telenor Group CEO.
“To the employees of Telenor Pakistan: you have been true game changers. Your resilience, innovation, and unwavering dedication have not only transformed the company but have also made a real difference to millions of Pakistanis across the country. Thank you for your contributions in making Telenor Pakistan a beacon of progress and inclusion. As you embark on this new chapter, your legacy will continue to inspire and shape the future of Pakistan’s digital society,” concluded Jon Omund Revhaug, Head of Telenor Asia.
