IFC approves $400m debt financing to PTCL

MG News | April 08, 2024 at 09:08 AM GMT+05:00

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April 08, 2024 (MLN): The Board of Directors of International Finance Corporation (IFC) has approved the debt financing up to $400 million to Pakistan Telecommunication Company Ltd (PSX: PTC) for the acquisition of Telenor Pakistan (Private) Limited (TPL).

PTCL disseminated this information through a notice issued to the Pakistan Stock Exchange (PSX).

The finalization of workstreams to sign financing agreements with IFC is underway and expected to be completed on or before July 31, 2024.

The details of the debt financing will be disclosed upon the finalization of financing agreements, it said.

To recall, on December 14, 2023, it was notified that PTCL entered into a Share Purchase Agreement (SPA) with the shareholders of TPL for the acquisition of 100% shares of TPL, based on an Enterprise Value of Rs108 billion on a cash-free, debt-free basis.

Accordingly, the transaction will be financed by this external debt raised by the company.

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