20 December 2022

Telenor is pursuing the sale of its Pakistani operations, with invitations the first round of bids expected to be issued in November. According to Bloomberg, Telenor is working with Citigroup on the sale, which is valued at as much as US$1 billion.

In July, Telenor posted a US$244 million loss on the unit, and confirmed that it would carry out a strategic review. In October, Telenor reported that its earnings in Pakistan were down 22% for the third quarter, attributing this in part to increasing energy costs in the market. However, it noted that the government’s decision to revoke a SIM tax provided a gain that offset this loss.