- 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.