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The Board of Directors (BoD) of International Finance Corporation (IFC), a member of the World Bank Group, has approved up to $400 million to Pakistan Telecommunication Company Limited (PTCL) for the purchase of Telenor Pakistan (Pvt.) Limited. The loan has been approved.

According to Business Recorder, this has been sent by PTCL to Pakistan Stock Exchange (PSX).

The notice issued by PTCL states that the Board of Directors of the International Finance Corporation (IFC) has approved a loan of up to $400 million to PTCL for the acquisition of Telenor Pakistan. .

Finalization of work streams for signing financing agreements with IFC is underway and expected to be completed on or before July 31, 2024, the company said.

Details of loan financing will be disclosed following finalizing the financing agreements, the statement added.

The statement said that the transaction will also improve the capabilities of the joint ventures and provide better coverage and quality of services to consumers and will enable wider access to communications solutions for businesses while contributing to Pakistan’s economic development. Help will come.

The transaction will further strengthen PTCL Group’s position as a leading operator in mobile, fixed and micro-financing, serving more than 70 million customers upon completion of the transaction, the company added.

PTCL’s major assets include Ufone, a mobile operator in Pakistan with over 20 million subscribers.

According to the company’s latest financial results, PTCL Group’s revenue grew by 25.8% year-on-year to Rs 190.6 billion, mainly due to strong performance in the consumer segment.