External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Event-Driven

<ul><li>The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers.</li><li>As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).</li><li>Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII).</li></ul>

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers.As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII).

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

Equity Bottom-Up

<ul><li>In a notice to exchange, Pakistan Telecommunication Company - PTC (Market Cap of Rs49bn &amp; US$173mn) informed that its has entered into a Share Purchase Agreement (SPA) with the shareholders of Telenor Pakistan for the acquisition of 100% shares at an Enterprise Value of Rs108bn (US$380mn) on a cash &amp; debt free basis.</li><li>The deal is subject to regulatory approvals &amp; other customary conditions and is expected to be complete in 2024.</li><li>PTC also informed that the transaction will be financed by external debt. We believe due to shortage of FX reserves in Pakistan, the debt raised by PTC will directly transferred to the current shareholders of Telenor Pakistan.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In a notice to exchange, Pakistan Telecommunication Company - PTC (Market Cap of Rs49bn &amp; US$173mn) informed that its has entered into a Share Purchase Agreement (SPA) with the shareholders of Telenor Pakistan for the acquisition of 100% shares at an Enterprise Value of Rs108bn (US$380mn) on a cash &amp; debt free basis.The deal is subject to regulatory approvals &amp; other customary conditions and is expected to be complete in 2024.PTC also informed that the transaction will be financed by external debt. We believe due to shortage of FX reserves in Pakistan, the debt raised by PTC will directly transferred to the current shareholders of Telenor Pakistan.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline Flash Note: Pakistan Telecommunication: One of the Biggest Acquisition Deals in Pakistan

Norway

Telenor ASA is an international provider of tele, data and media communication services, and has mobile operations in 13 markets across the Nordic region, Central and Eastern Europe and Asia. The Group also offers fixed telephony, broadband and TV services in the Nordic region.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Telenor ASA (TEL NO)

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to...

Topline Securities

Topline Flash Note: Pakistan Telecommunication: One of the Biggest Acquisition Deals in Pakistan

In a notice to exchange, Pakistan Telecommunication Company - PTC (Market Cap of Rs49bn & US$173mn) informed that its has entered into a Share...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)