In another key step towards its expansion strategy, the Board of Directors of Pakistan Telecommunication Limited (PTCL) has approved the submission of a binding offer to acquire a majority shareholding in the issued and paid-up ordinary share capital of a target firm.
The company announced the development through a Notice of Material Information filed with the Pakistan Stock Exchange (PSX) stating that the board has approved the move as part of PTCL’s strategic growth goals.
PTCL pushes ahead with expansion plans
The latest permission follows PTCL’s initial announcement on July 21, 2023, in which the business said it would look into a potential acquisition. By submitting a binding offer, the telecom operator is getting closer to finalizing the proposed purchase.
However, PTCL has stressed that the transaction has not been finalised. The parties are currently in negotiations on the acquisition price and other critical commercial parameters, and no official agreement has been reached at this stage.
The deal is subject to the satisfaction of certain conditions, including, but not limited to, negotiation of definitive transaction documents, completion of due diligence, execution of final transaction documents and receipt of all necessary corporate, statutory and regulatory approvals.
PTCL Reassures Investors of Transparency
The statement was made in compliance with Rule 5.6.1 of the PSX Rule Book and Sections 96 and 131 of the Securities Act, 2015, PTCL said. Company Secretary Zahida Awan signed the notice which was shared with the Securities and Exchange Commission of Pakistan (SECP).
The business promised shareholders and investors that it will keep the Pakistan Stock Exchange aware of any important developments as the proposed purchase process evolves.
