The Competition Commission of Pakistan (CCP) issued a statement on Monday regarding the ongoing review of the pre-merger application for PTCL’s acquisition of Telenor Pakistan, clarifying key details surrounding the process.
According to the CCP, PTCL aims to acquire 100 percent shareholding of Telenor Pakistan (Private) Limited and Orion Towers Private Limited. The commission received the pre-merger application from PTCL lawyers on February 29, 2024, albeit with an initial incorrect fee submission. The outstanding fee was subsequently remitted to the Commission on March 6, 2024.
Further information was requested by the CCP on March 20, 2024, to facilitate its due diligence process. However, the requisite information is still pending submission by PTCL lawyers.
The Commission is mandated to complete its due diligence within 30 working days following the submission of all required information. The countdown for the first phase review will commence once PTCL lawyers furnish the outstanding information as requested.
It is worth noting that the CCP’s merger department is currently handling 21 applications, with PTCL’s acquisition of Telenor forming a part of this caseload. The consolidation of Telenor by PTCL would reduce the number of competitors in Pakistan’s mobile telecom sector, which currently includes Jazz, Zong, Telenor Pakistan, Warid, and Ufone. Jazz acquired Warid in 2016, while PTCL owns Ufone as a wholly-owned subsidiary.
The Commission has received concerns from a competitor regarding PTCL’s intended acquisition, and it assures stakeholders that due diligence will be conducted thoroughly and impartially.
In light of ongoing developments, the CCP urges the media to refrain from speculating or disseminating premature information about the merger, emphasizing the importance of accuracy and responsible reporting in such matters.
