⚡ Flash Summary

PTCL’s 9th Extraordinary General Meeting (EOGM) held on November 20, 2025, resulted in shareholders approving the acquisition of 100% shares of Telenor Pakistan (Private) Limited (TPL) and Orion Towers (Private) Limited from Telenor Pakistan B.V. (TPBV) as per the Share Purchase Agreement (SPA) dated December 14, 2023. This includes 8,512,110,269 shares of TPL and 49,997 shares of Orion Towers. PTCL is authorized to avail a finance facility of up to USD 400 million from International Finance Corporation (IFC), Silk Road Fund (SRF), and British International Investment (BII) to fund the acquisition.

📌 Key Takeaways

• ✅ Shareholders approved the acquisition of 100% of Telenor Pakistan (Private) Limited (TPL) and Orion Towers (Private) Limited.
• 🤝 Acquisition is based on the Share Purchase Agreement (SPA) dated December 14, 2023.
• 💰 PTCL will acquire 8,512,110,269 shares of Telenor Pakistan (Private) Limited.
• 🏢 Also acquiring 49,997 shares of Orion Towers (Private) Limited.
• 🏦 PTCL authorized to avail up to USD 400 million in financing.
• 🌍 Financing from International Finance Corporation (IFC), Silk Road Fund (SRF), and British International Investment (BII).
• 📅 Resolutions passed in the 235th, 239th, 242nd, 252nd meetings held on January 23, 2023, August 29, 2023, December 13, 2023, February 11, 2025 are ratified.
• 📑 PTCL Board authorized to take further decisions and fulfill all prerequisites.
• 📜 Board authorized to seek all approvals, sanctions, or permissions.
• 👨‍💼 Board authorized to delegate powers and appoint attorneys, consultants, or counsels.

🎯 Investment Thesis

Based on the announcement, a **BUY** recommendation is warranted for PTCL. The acquisition of Telenor Pakistan and Orion Towers represents a significant strategic move that could enhance PTCL’s market position and revenue streams. The ability to secure USD 400 million in financing further strengthens the investment thesis. A price target and time horizon will depend on further analysis of the financial impact of the acquisition once finalized.