In December 2023, PTCL and Telenor (ASA) inked a share purchase agreement for the purchase of 100% of Telenor Pakistan and Orion Towers (Pvt) Ltd shares at a cash-free, debt-free acquisition price of Rs 108 billion.
According to a PTCL statement, “The project was approved in April 2024 and endorsed by the IFC Board of Directors after the PTCL approached IFC for financing.” “The Silk Road Fund (SRF), a medium-to-long-term investment fund owned by the Chinese government, and British International Investment (BII), an impact investor and development finance institution in the UK, are part of the consortium lead by the IFC.”
Governor of the State Bank of Pakistan Jameel Ahmed referred to the IFC financing as a “mirror of the world’s confidence in Pakistan’s telecom sector growth” during the deal’s ceremony.
