PTCL Clarifies Microfinance Acquisition Talks

Pakistan Telecommunication Company Limited (PTCL) has clarified that it has not finalized the acquisition of a majority stake in any microfinance company but negotiations over a binding offer are still ongoing.

In a filing with the Pakistan Stock Exchange (PSX) on Monday, PTCL said reports identifying a specific target company were premature and speculative, as no final decision had been made.

The company said its board had previously authorized it to explore investment opportunities in Pakistan’s microfinance sector and later approved the submission of a binding offer for a majority stake in a target company.

PTCL stressed that the proposed transaction remains subject to successful negotiations, due diligence, execution of definitive agreements and all required corporate, regulatory and statutory approvals.

The telecom company added that its mandate to evaluate investment opportunities in the microfinance sector, originally disclosed to the PSX in July 2023, remains valid.

PTCL said it would immediately notify the stock exchange if there is any material development or a final decision regarding the proposed acquisition.

The company also noted that such transactions involve competitive bidding, meaning any reported outcome at this stage should not be considered definitive.

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