After Telenor Pakistan acquisition, PTCL reportedly eyes digital wallet

The market is rife with speculation that after completing the acquisition of Telenor Pakistan last year, Pakistan Telecommunication Company Limited (PTCL) is now setting its sights on acquiring a known digital wallet, potentially bringing the country’s leading digital financial services platform under the PTCL Group.

The speculation intensified after PTCL informed the Pakistan Stock Exchange (PSX) on Friday that its Board of Directors had approved the submission of a binding offer to acquire a majority stake in an unnamed target company.

The disclosure stated that the proposed transaction remains subject to due diligence, successful negotiations, regulatory approvals and the execution of definitive agreements.

Industry circles believe the target company could be a digital wallet, a move that would mark another major consolidation in Pakistan’s telecom and fintech sectors following PTCL’s acquisition of Telenor Pakistan.

If completed, the deal would effectively bring a digital wallet back under the PTCL umbrella.

PTCL, however, has not disclosed the identity of the target company, saying commercial terms are yet to be finalised and no definitive agreement has been executed.

The company pledged to keep the PSX informed of any material developments.

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When approached by the known digital wallet for its official response, the company responded:

“While there has been public discussion on this matter, we do not comment on market speculations. Our focus remains on serving our customers.

The company assures its customers that their funds remain secure, fully protected, and accessible at all times. All our services, including transfers, bill payments, mobile top-ups, and wallet withdrawals, continue to operate as normal.”