Daisy Watts 
Dec 14, 2023
In a significant move, Norway's Telenor announced the sale of its thriving Pakistan unit to Pakistan Telecommunications for a whopping 5.3 billion Norwegian crowns ($490 million). The sale values Telenor Pakistan, a 45-million-customer-strong telecom launched 18 years ago, marking a pivotal shift for the Norwegian telecom giant.
Telenor's strategic restructuring in Asia has been in the spotlight, aiming to streamline its operations in the region. The sale decision for its Pakistan business comes after a meticulous review and aligns with the company's year-end goals.
Pakistan Telecommunications' stock surged by 8.3% at 0645 GMT following the news, while Telenor's trading is set to commence at 0800 GMT.
In the last nine months alone, Telenor Pakistan's contributions amounted to 2.6 billion Norwegian crowns ($240 million) in service revenue and 1.4 billion crowns in EBITDA, underscoring its robust financial performance.
The deal hinges on regulatory approvals and aims for completion by 2024. Telenor assured that the sale's financial impact for 2023 is expected to be minimal.
Petter-Boerre Furberg, head of Telenor's Asian operations, affirmed that Telenor Asia will continue to actively oversee its remaining portfolio, encompassing Grameenphone in Bangladesh, CelcomDigi in Malaysia, and True Corp in Thailand, serving approximately 160 million customers combined.
