Karachi: A biggest change is about to come in telecom industry of Pakistan. The country’s second largest cellular service provider may soon change hands as Telenor Pakistan.
Telenor Pakistan is in talks to Emirates-based multinational company to sell its operations. However, the company has declined to answer to any comment on the development. According to the Dawn news the Emirati Firm who has already has a strong background in Pakistan. And Telenor are in talks to acquire Telenor and they have reached on advanced stage.
A well-placed source in the IT ministry also confirmed the news that a deal is on almost final stage. Moreover, it also refused to share any other information on the record.
According to the Bloomberg, in November the Norway-based telecom operator have mentioned the services of the Citigroup. To carry out the bidding process.
In contrast, according to the company sources,the Norwegian company has involved not one but multiple multinational investment banks to execute the sale.
The Emirati company already has a sizeable presence in Pakistan. The company has its presence in all key areas of the telecom sector and it is interested in further consolidating it’s position, according to the sources.
Moreover, the company’s operational cost has reached $55 million. Whereas the largest chunk of this was consumed by electricity prices.
According to the experts, Telenor Pakistan is planning to cut its losses and from company’s point of view it prefers to expand...
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