– Telenor’s business in Pakistan started as an investment in an immature market, and after 18 successful years, we have now decided to sell the business, says CEO Sigve Brekke in a press release. Telenor has also struggled in Pakistan, and in 2022 the company was penalized on the stock exchange. The value of the business in Pakistan had then fallen by several billion kroner. The telecom giant has been working for a long time on a new strategy for the company’s Asia operations. 2012: Sigve Brekke when he was head of Telenor’s Asia operations and played the drums together with an employee in Hyderabad in India in connection with a press conference. Photo: KRISHNENDU HALDER / Reuters The company writes on Thursday that the sale is part of its strategy to build scale and market-leading players in Asia. Bangladesh, Malaysia and Thailand With the sale in Pakistan, the remaining Telenor Asia portfolio consists of the operators Grameenphone in Bangladesh, CelcomDigi in Malaysia and True Corporation in Thailand, with close to 160 million customers. – Our strategy in Asia is to build number one positions in the markets in which we operate, with scale as a prerequisite for value creation and profitable growth. We thank and acknowledge the commitment of the Telenor Pakistan team and our partners, who will continue to serve customers well in the transition, says Petter-Børre Furberg, head of Telenor Asia. Petter-Børre Furberg, head of Telenor Asia. Photo: TELENOR The sale values Telenor Pakistan at NOK 5.3 billion on a net debt-free basis and is a consequence of the strategic review of Telenor’s operations in Pakistan, which was announced in July last year. Telenor Pakistan will continue to provide services to its 45 million customers during the sale process. The agreement is subject to approval by the authorities, and is expected to be completed during 2024.
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Telenor sells subsidiary in Pakistan for NOK 5.3 billion – news Norway – Overview of news from various parts of the country
