New Delhi, Jan 6 Telenor Group has finally exit Pakistan, announcing the successful completion of the sale of Telenor Pakistan to Pakistan Telecommunication Company Limited (PTCL), as the atmosphere to do business becomes extremely difficulty in the country.
Telenor Group said in a recent statement that when the sale was announced on December 14, 2023, Telenor Pakistan was valued at NOK 5.3 billion on a cash-and-debt-free basis.
“The closing of the transaction confirms this valuation level (NOK 5.4 billion given September currency rates, subject to final end-of-year adjustments). In addition, Telenor has received NOK 0.9 billion in cash flow from Telenor Pakistan since the announcement of the transaction,” it mentioned in an official statement.
Meanwhile, Qatar-based Al Thani Group was the latest among a string of foreign companies to pull out of Pakistan because of the economic uncertainty and political turmoil in the country.
Al Thani’s planned divestment of 49 per cent of its stake in the Port Qasim Power Project, which is a crucial part of the China-Pakistan Economic Corridor (CPEC) programme, after the outstanding receivables crossed PKR 288 million.
The company expressed discontent over the delays in clearing dues by the Pakistan government and warned about operational suspension in case of default on payments, according to an article in the UK-based Asian Lite newspaper.
The pullout by the Qatari giant is preceded by major companies from different sectors in the recent past. Pakistan’s financial fragility, devaluation of PKR, and increasing dues led Shell Petroleum to exit the country.
It was followed by French petroleum giant TotalEnergies. “It’s concerning that Pakistan is no longer a core geography for Total,” said Adnan Sheikh, Assistant Vice President at Pak Kuwait Investment Company.
These quick developments caused concerns as the country battled economic and political crises.
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