A cash-strapped PSO wishes to acquire Telenor Pakistan

 


PSO, which is strapped for cash, wants to buy Telenor Pakistan in some way. Pakistan State Oil (PSO) has expressed interest in acquiring Telenor's Pakistani operations and plans to take part in the initial round of bids for the telecom company's business in Pakistan.


According to a report that was published by The News, the board of directors of PSO has given the green light to meet the essential conditions in order to place a bid on Easy paisa and Telenor Pakistan. According to the source, PSO has finished compiling its bid documents and is currently carrying out its due diligence in the aim of gaining ownership interests in Easy paisa and Telenor.

Telenor is pressing through with plans to sell its operations, which are estimated to be worth approximately one billion dollars. The operator is working together with Citigroup Inc. to put out a first-round request for proposals for the business.


Speculative bids are anticipated from Middle Eastern and Asian strategic purchasers who already have activities or enterprises established in Pakistan. There have been reports of negotiations taking place, but there is no assurance that they will result in a transaction of any kind.


According to a report, other relatively better-positioned organizations, such as PTCL Group, have also shown interest in acquiring Telenor Pakistan's operations and management in its entirety. Pakistan's largest oil marketing company (PSO) is one example of this.

Telenor Group, which runs telecommunications companies in nine different countries spanning Europe and Asia, is currently turning its focus to European markets as a result of a recent merger involving its operations in Thailand. If PTCL is successful in acquiring the domestic operations of Telenor, they may decide to combine that company with Ufone, the cellular division of the PTCL Group. This would be similar to the pattern that could be followed in Pakistan.

Prior to this, Telenor Group wound down its operations not just in Indonesia but also in India and Burma.

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