Telenor ASA expects to make a decision on the divestment of the Norwegian telecommunication giant’s operations in Pakistan by the end of this year, its chief executive officer said.
“We are in contact with various parties — that’s a part of the strategic review we are doing now — and we have several options on the table,” CEO Sigve Brekke said in an interview in Oslo. “Before the end of this year, we will have made the decision.”
Telenor is overhauling its operations to free up capital and reduce risk, merging its Thai unit with True Corp Pcl and its Malaysian unit with Axiata’s Celcom Networks Bhd. Last year, it also struck a deal with a consortium led by KKR & Co. for the sale of a minority stake in its Norwegian fiber network.
It started seeking bids for the Pakistan business last year after posting a 2.5 billion-krone ($220 million) impairment on its unit in the country, Bloomberg reported. Pakistan Telecommunication said in August that it had submitted an offer for a target company, without saying who the bid was for.
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The Norwegian company would also keep its options open for possible consolidation alternatives in the Nordic region, the CEO said on Wednesday, but will watch how the European Union rules on corporate deals in Spain to see if they are more...
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