Pakistan State Oil (PSO) is performing due diligence on the Pakistani business of the Norwegian telecoms operator in response to Telenor’s ambitions to sell its Pakistani assets, which are estimated to be worth around one billion dollars.
The PSO board of directors has reportedly granted the go-ahead to satisfy the essential requirements in order to bid on Easypaisa and Telenor Pakistan, as stated in a story that was published by The News. According to the source, PSO has finished putting up its proposal and is now in the process of performing its due diligence with the aim of purchasing holdings in Easypaisa and Telenor.
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Potential bidders will likely come from the Middle East and Asia, both of which have a significant number of strategic purchasers with established operations/businesses in Pakistan. It has been claimed that negotiations are taking place, but there is no assurance that they will end in a deal.
ProPakistani claimed on January 31 that PTCL Group, a comparably better-positioned corporation than Telenor Pakistan, was interested in purchasing the company outright. PTCL Group is the largest oil marketing company in Pakistan.
Telenor Group, which formerly focused on the Thai market but has lately integrated its operations there, is moving its attention to European markets. In a similar vein, should PTCL be successful in purchasing Telenor’s domestic operations in Pakistan, the company may merge its cellular arm, Ufone, with Telenor.
Before to this, Telenor Group finished up its business in India, Burma, and Indonesia as well.