PTCL’s $400 million mortgage permitted for acquisition of Telenor Pakistan

Pakistan Telecommunication Firm Restricted (PTCL) Telenor Pakistan and for the acquisition of Orion Towers Non-public Restricted (TPL). The World Financial institution As much as $400 million from Worldwide Finance Company (IFC), a member of mortgage has entered into an settlement to accumulate

“It is a vital milestone within the acquisition of Telenor Pakistan following the approval of the financing deal by the IFC Board of Administrators in April 2024,” in response to a press release issued on Friday.

PTCL had signed a share buy settlement with Telenor final December, below which the corporate acquired one hundred pc stake in Telenor Pakistan for Rs 108 billion on a cash-free and debt-free foundation.

“The IFC-led consortium, which incorporates the Silk Street Fund and British Worldwide Investments Plc, has now formally permitted a mortgage of $400 million to PTCL for a interval of seven years.”

The assertion mentioned: ‘The mortgage shall be repaid in quarterly installments, whereas the settlement features a one-year grace interval.’

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The financing of the undertaking by the IFC Consortium is a continuation of the establishment’s long-standing dedication to selling digital connectivity and digital infrastructure in Pakistan.

Commenting on this improvement, Hatim Bamtaraf, President and Group CEO of PTCL and Ufone 4G, mentioned, “We’re very excited in regards to the completion of this financing settlement, as we’re a key participant in Pakistan’s telecom sector. Getting nearer to reaching the milestone.

“We stay up for serving a bigger variety of prospects with a renewed dedication as soon as the acquisition of Telenor Pakistan is accomplished following obligatory regulatory approvals.”