Photo: Dawn
There were rumors circulating about Telenor winding up its business in Pakistan, however, seems like these are not just the rumors. Lately, Telenor is actually looking for a buyer who can buy their $1 billion worth of business, Bloomberg has reported earlier this week.
According to the sources by Bloomberg, The Norwegian telecom service provider is set to invite bidders, in November, in collaboration with the Citigroup.
While Telenor Pakistan has been looking for a potential buyer for a while now, it seems like finding a viable deal that pleases the stakeholders is a bit challenging for the tech giant.
Initially, it was reported that PTCL was in talks with Telenor Pakistan, however, we are still waiting for the outcome of those talks. Bloomberg has also reported that serious development took place and now the contract is in its final stages.
Lately, a senior official from the Telenor Group has confirmed that they are looking forward to realigning their Asian operations.
Due to the recent global financial crunch and the worsen economic situation in Pakistan, many businesses find it difficult to survive. Therefore, they are either shutting down permanently or selling off their operations to someone else.
We are eagerly waiting for both the parties to affirm the news.
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