Pakistan Telecommunication Company Limited (PTCL) attributes the recent rise in its stock price to investor confidence following the company’s acquisition of Telenor Pakistan (Pvt) Limited.
PTCL’s average share price jumped from PKR 12.31 between March 1st and 13th to PKR 15.74 between March 14th and 31st, 2024. The company highlights that this information regarding the acquisition was duly disclosed on December 14th, 2023, adhering to market regulations.
The agreement involves PTCL purchasing 100% of Telenor Pakistan’s shares for an enterprise value of Rs. 108 billion, financed through external debt. PTCL believes investors reacted positively to this news, with the share price rising to Rs. 13.54 by the close of business on March 14th, the day the information was made public. This upward trend continued, reaching Rs. 18.27 by the end of March.
While acknowledging the positive market sentiment as a contributing factor, PTCL emphasizes that the Telenor Pakistan acquisition announcement played a significant role in the share price increase.
