Pakistan Telecommunication Company Limited (PTCL) has clarified that no final decision has been made regarding its proposed acquisition of a stake in reportedly targeted digital wallet Easypaisa, dismissing media speculation linking the deal to the company as premature.
The clarification, issued on Monday, came after the Pakistan Stock Exchange (PSX) sought an explanation from PTCL following reports that tied its planned investment to a particular fintech platform.
Speculation had grown after PTCL informed the bourse on Friday that its Board of Directors had approved submission of a binding offer to acquire a majority shareholding in an unidentified target company.
Industry observers had speculated that the target could be a digital wallet, a move that would represent a significant consolidation in Pakistan’s telecom and fintech sectors.
In its response to the PSX, PTCL said the Board had authorised the company to explore investment opportunities in the microfinance sector and had subsequently approved the submission of a binding offer for a majority stake in a target firm.
The company stated that while information about the bid may be circulating publicly, any attempt to identify the specific target at this stage would be speculative.
PTCL said the binding offer remains under negotiation and has not yet been finalised, meaning no conclusive decision has been made. The company referred to an earlier disclosure made to the PSX on July 21, 2023, in which it had informed the exchange of Board approval to explore investment opportunities in Pakistan’s microfinance sector.
PTCL confirmed that mandate remains valid and that it continues to evaluate potential opportunities as part of its ordinary business operations.
The company added that it would notify the exchange immediately of any material developments or a final decision on the proposed transaction, in line with regulatory requirements. PTCL also noted that transactions of this nature are subject to competitive bidding, meaning any outcome at this stage cannot be considered definitive.
Last week, sources familiar with the matter told TechJuice that the unnamed target is indeed Easypaisa, Pakistan’s largest digital financial services platform, which serves more than 55 million registered users. According to these sources, the deal has entered the due diligence and commercial negotiation stage.
If completed, the transaction would reunite Easypaisa with the PTCL Group, following the company’s earlier acquisition of Telenor Pakistan in a deal worth nearly Rs108 billion.
Easypaisa had been separated from Telenor Pakistan as part of an earlier corporate restructuring before that acquisition was finalised. Analysts noted that Easypaisa currently stands as the only large-scale digital wallet available for acquisition in Pakistan, as competing platforms such as JazzCash remain under their existing corporate groups.
