According to today’s Bloomberg report, Telenor is continuing with its plans to sell its Pakistani business, which is valued at about $1 billion.
Later this month, Citigroup and the massive Norwegian telecom company will invite bidders for the sale, according to sources who spoke to Bloomberg.
The challenge for the Norwegian operator is to find a workable deal that could make business sense for the group and the shareholders, even though it is well known that Telenor Pakistan has been up for grabs for a number of years.
Although the outcome of the advanced negotiations between PTCL and Telenor is unknown, we are aware of them. Currently, if Bloomberg is to be believed, the development has assumed its final form.
The plans for realigning Asian operations were most recently confirmed by the head of the Telenor Group, and it appears that today’s Bloomberg report centres on the same development.
Telenor Pakistan was contacted by ProPakistani for a response, but chose not to address the rumours and speculation.
After investing $244 million in a faltering economy, Telenor had previously stated that it would conduct a strategic review of its operations in Pakistan.
Without naming names, Bloomberg reported that organisations with roots in the Middle East and Asia that are already active in Pakistan are anticipated to participate in the bidding process later this month.
The Norwegian telecom company is optimistic that the ongoing discussions will result in action.
