The Pakistan Telecommunication Authority (PTA) has approved the proposed amalgamation of Pak Telecom Mobile Limited (PTML) and Telenor Pakistan (Private) Limited, each a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL).
The PTCL shared the information in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
It said that the approvals were subject to the submission of an unconditional acceptance of the conditions within 15 days.
“The proposed amalgamation shall be implemented through a scheme of arrangement in accordance with applicable laws,” the listed company informed the bourse.
Any further developments in this regard shall be communicated to PSX in accordance with applicable laws and regulations, the notice added.
In January, the PTCL formally submitted an application to the PTA seeking approval for the merger.
Sources told Business Recorder that once PTA’s approval is secured, the transaction will move to the Securities and Exchange Commission of Pakistan (SECP) for regulatory clearance.
Following SECP’s approval, PTCL will seek final endorsement of the Scheme of Arrangement from the court, which is a mandatory legal requirement to complete the merger.
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