Pso's Desperate Attempt To Purchase Telenor Pakistan

Pso's Desperate Attempt To Purchase Telenor Pakistan

The first round of bids for Telenor's activities in Pakistan will include participation from Pakistan State Oil (PSO), which wants to purchase such businesses.

The PSO board of directors has approved completing the requirements before submitting a bid for Easypaisa and Telenor Pakistan, The News reports. According to the source, PSO has finished the offer documents and is doing its due diligence in the hopes of acquiring shares of Easypaisa and Telenor.

Telenor is forward with preparations to sell its businesses, which could fetch about $1 billion. The business will shortly be open for first-round bids, according to the operator and Citigroup Inc.

Key purchasers from the Middle East and Asia who already have activities or enterprises in Pakistan are anticipated to submit bids. It is said that negotiations are in progress, but there is no assurance that they will lead to a deal.

ProPakistani reported on January 31 that in addition to Pakistan's largest oil marketing firm (PSO), other, comparatively better-positioned companies have expressed interest in acquiring the whole operation and management of Telenor Pakistan.

Telenor Group, which has telecom businesses in nine nations around Europe and Asia, is now refocusing on European markets following the merger of its Thai operations. 

If PTCL is successful in acquiring Telenor's domestic operations, they may merge Telenor with Ufone, the cellular division of the PTCL Group, in Pakistan.

Previously, the Telenor Group ended operations there as well as in Indonesia, Burma, and India.