PTCL secures $400m loan for Telenor Pakistan acquisition
Pakistan Telecommunication Company Limited (PTCL) has successfully secured a $400 million loan from the International Finance Corporation (IFC) for the acquisition of Telenor Pakistan and Orion Towers (Pvt.) Limited. This development marks a crucial step forward following the approval of the financing deal by the IFC Board of Directors earlier this year.
PTCL, having previously signed a share purchase agreement (SPA) with Telenor (B.V.), will acquire Telenor Pakistan for Rs 108 billion on a cash-free, debt-free basis. The loan, provided by an IFC-led consortium including the Silk Road Fund (SRF) and British International Investments (BII) Plc, spans a seven-year term with quarterly installments and a one-year grace period.
President and Group CEO of PTCL and Ufone 4G Hatim Bamtaraf expressed enthusiasm over the financing agreement, highlighting PTCL’s pivotal role in Pakistan’s telecom sector. The disbursement of funds is contingent upon meeting stipulated conditions, paving the way for enhanced digital connectivity and infrastructure development in Pakistan.
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