Monday, November 28, 2022

Telenor Pakistan Is Being Sold For Rs.1 Billion - TechJuice

Last updated Thursday, November 10, 2022 04:05 ET , Source: TopWireNews

Bloomberg has reported that Telenor Pakistan is suddenly up for the sale despite being a rising network whose stocks are doing well day by day. Telenor is going to sell its operations in Pakistan, which could be valued at about $1 billion. The Norwegian telecommunications operator is working with Citigroup Inc. and will invite first-round bids for the business later this month, the people said, asking not to be identified as discussing confidential information.
Telenor said in July that it would conduct a strategic review of its Pakistan unit after posting a 2.5 billion krone ($240 million or Rs.5.3 Crore) impairment on operations in the emerging economy.
Many buyers from the Middle East and Asia with existing operations in Pakistan are expected to show interest. Deliberations are ongoing and there’s no certainty they’ll result in a transaction, they said. Representatives for Citigroup and Telenor declined to comment. Shares of Telenor have also seen good growth of as much as 2.4% on Wednesday. The stock was up 1.8 percent in Oslo, giving the company a market value of $13 billion.
In October, Telenor said underlying earnings in Pakistan fell 22 percent in the third quarter, in part because of rising energy prices in the country. The impact of this was offset by a gain from the reversal of a SIM tax in Pakistan. The gain of 600 million kroner ($57.79 million) in Pakistan, one of Telenor’s four Asian markets, was linked to a court decision on the applicability of tax on...

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