PTCL denies merger speculation, says no decision made yet

MG News | September 01, 2023 at 11:15 AM GMT+05:00

0:00

September 01, 2023 (MLN): The management of Pakistan Telecommunication Company Ltd (PSX: PTC) has officially communicated to PSX that discussions regarding a potential merger between PTCL and any other telecom company are not only premature but also speculative, as no concrete decision has been made regarding such a move.

The company has issued a notice in response to a rumor or a report with respect to the acquisition of the target telecom company.

As regards the first query, a disclosure was made to the Exchange vide letter dated August 29, 2023, immediately after approval of the Board of Directors (BoD) to make an offer to the seller.

Accordingly, any decision in relation to the acquisition or subsequent steps is subject to corporate and regulatory approvals, and PTCL will inform the Exchange immediately should any such decision be taken.

“Furthermore, the Exchange would appreciate that transactions of such nature are subject to competitive bidding and hence any outcome of the same at this stage would not be definitive,” the notice further reads.

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