PTCL Secures $400 Million Loan from IFC Consortium for Telenor Pakistan Acquisition

This development underscores PTCL’s efforts to strengthen its position in the telecom market, poised to deliver enhanced services to a growing customer base.

ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) has reached a significant milestone in its acquisition journey with the approval of a $400 million loan from the International Finance Corporation (IFC). This funding, facilitated by a consortium led by IFC, including Silk Road Fund (SRF) and British International Investments (BII) Plc, marks a crucial step towards PTCL’s acquisition of Telenor Pakistan and Orion Towers (Pvt.) Limited.

PTCL’s acquisition of 100% stake in Telenor Pakistan, valued at Rs 108 billion on a cash-free, debt-free basis, was initiated with a share purchase agreement signed last December. The seven-year loan from the IFC consortium, with a one-year grace period and quarterly installments, aims to support PTCL’s strategic expansion in Pakistan’s telecom sector.

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Hatim Bamtaraf, President and Group CEO of PTCL and Ufone 4G, expressed enthusiasm over the financing agreement, emphasizing PTCL’s commitment to enhancing digital connectivity and infrastructure in Pakistan. The disbursement of funds is contingent upon fulfilling regulatory requirements, paving the way for PTCL to bolster its service offerings upon completion of the acquisition.

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This development underscores PTCL’s efforts to strengthen its position in the telecom market, poised to deliver enhanced services to a growing customer base.