PTA grants NOC for Telenor Pakistan, PTML merger

Pakistan Telecommunication Authority (PTA) has issued a No Objection Certificate (NOC) for the consolidation and transfer of PTA licenses as well as the amalgamation of Telenor Pakistan (Private) Limited into Pak Telecom Mobile Limited (PTML), each a wholly owned subsidiary of Pakistan Telecommunication Company Limited. PTCL informed the Pakistan Stock Exchange (PSX) in a notice on Friday. “The proposed amalgamation shall be implemented through a scheme of arrangement in accordance with applicable laws,” the notice read. On March 24, the PTA had approved the proposed amalgamation of Pak Telecom Mobile Limited (PTML) and Telenor Pakistan (Private) Limited. 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. In January, the PTCL formally submitted an application to the PTA seeking approval for the merger.