Pakistan Telecommunication Company (PTCL) advanced debt financing arrangements for a purchase of Telenor’s local business, having secured the backing of a World Bank unit covering up to $400 million.

The operator told the Pakistan Stock Exchange it expects to conclude the debt financing deal with International Finance Corporation (IFC) by end-July, at which point it would reveal more detail on the arrangements.

For the moment, PTCL stated it is working with IFC to finalise “workstreams to sign financing agreements”.

PTCL sealed a deal to acquire Telenor Pakistan in late 2023 and stated at the time it planned to finance the purchase through external debt.

Telenor stated the deal valued its local unit at NOK5.3 billion ($496.5 million).

The move formed part of a broader strategic rethink by Telenor of its presence in Asia-Pacific which also involved an exit from Myanmar and a merger of its business in Thailand.