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Karachi, Pakistan Telecommunication Company Limited (PTCL) has issued a statement in response to recent rumors and reports containing sensitive information regarding its potential acquisition of a target telecom company. The company seeks to clarify its position and put to rest speculations about a merger with any other telecom entity.
In a letter dated August 30, 2023, addressed to the Pakistan Stock Exchange Limited (PSX) and in compliance with Sections 96 and 131 of the Securities Act 2015 and Rule 5.6.1 of the Rule Book of the Pakistan Stock Exchange Limited, PTCL provided an update on the situation.
Regarding the acquisition of the target telecom company, PTCL confirmed that the disclosure of this material information was promptly made to the Exchange via a letter dated August 29, 2023. This disclosure followed the approval of PTCL’s Board of Directors to make an offer to the seller.
However, PTCL firmly dismissed speculations about a merger with any other telecom company, emphasizing that such reports are both premature and speculative. As of now, no decision has been taken in this regard. PTCL reiterated that any potential acquisition and any subsequent actions would be subject to corporate and regulatory approvals.
The company emphasized that transactions of this nature often involve competitive bidding processes, making it important to distinguish between speculation and confirmed developments. PTCL pledged to inform the Exchange immediately should any concrete decision be made regarding the acquisition or any other strategic moves.
PTCL’s commitment to transparency and adherence to regulatory requirements is evident in its response to the rumors and speculations surrounding the telecom industry. The company remains focused on its corporate objectives and strategies while keeping stakeholders informed of significant developments in a timely and responsible manner.
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