Telenor to Sell its Operations in Pakistan Worth $1 Billion

Telenor to sell its operations in Pakistan

Highlights: 

  • Telenor to sell its business operations in Pakistan
  • Business valued at about $1 billion
  • The company’s revenue is affected by rising energy prices 
  • Unprecedented flooding also made a major impact

Telenor is working on plans to sell its operations in Pakistan, valued at about $1 billion, Bloomberg news wire reported. 

The company’s revenue has been affected in the country because of rising energy prices.

The unprecedented flooding has also had a major impact. 

Telenor serves 175 Million customers in 8 countries across the Nordic region and Asia. 

The First Round of Bids Start this Month

The company is working with Citigroup Inc. and will invite first-round bids this month.

Buyers in the Middle East and Asia are expected to show interest. 

Telenor’s Revenue in Pakistan

Telenor Pakistan’s revenue declined by around 8% in the Norwegian Kroner and increased by 4% in the rupee during the first 3 quarters of 2022. 

In October, earnings in Pakistan fell 22% in the third quarter, partly because of rising energy prices. 

The situation impacted the spending power of consumers, caused network outages, and caused prices to increase. 

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