IFC approves $400mn debt financing to PTC

In a notification sent to PSX on 08/04/2024, Pakistan Telecommunication Ltd (PTC) has announced that it received approval of debt financing from International Finance Corporation (IFC).

The notice said:

PTCL has entered into a Share Purchase Agreement (SPA) with the shareholders of Telenor Pakistan (Private) Limited (“TPL”) for the acquisition of 100% shares of TPL, based on an Enterprise Value of PKR 108 billion on a cash-free, debt-free basis. The Transaction will be financed by external debt that will be raised by the Company.

This is to inform you that the Board of Directors of the International Finance Corporation (IFC) has approved the debt financing of up to US$ 400 million to PTCL for the acquisition of TPL. The finalization of workstreams to sign financing agreements with IFC is underway and expected to be completed on or before 31st July 2024. The details of the debt financing shall be disclosed upon the finalization of financing agreements.

The shares of PTC were last trading at Rs. 17.08 at the market close today.