ISLAMABAD: President and Group CEO of PTCL & Ufone 4G, Hatem Bamatraf, has raised serious concerns over prolonged delays in the approval of the proposed PTCL-Telenor Pakistan merger by the Competition Commission of Pakistan (CCP), warning that further lag could jeopardize the transaction and its associated financial arrangements.
Speaking to the media after the announcement of PTCL Group’s financial results for the first quarter of 2025, Bamatraf said, “We are surprised over a delay in transaction for the last one year,” adding that all required documents available for the transaction have already been submitted to the CCP. He emphasized that Etisalat, PTCL’s parent company, had executed similar transactions in other countries without facing such delays.
“There are certain timelines in the transaction agreement that could affect the PTCL-Telenor merger,” Bamatraf warned, underscoring the urgency of regulatory approval. He further stated that the delay could disrupt a key loan agreement with the International Finance Corporation (IFC), a member of the World Bank Group, which is linked to the successful closure of the merger deal.
While PTCL remains optimistic about the growth potential from the merger with Telenor Pakistan, Bamatraf said that the uncertainty caused by CCP’s inaction is detrimental. “We are waiting for the approval and we are surprised over the delay—it should not have taken place,” he added.
PTCL’s Q1 2025 financial report revealed a 22% growth in group revenue, reaching Rs61.85 billion. However, the group incurred a net loss of Rs3.97 billion during the period. The three main business arms—PTCL, Ufone, and UBank—contributed to the financial performance. PTCL itself posted a net profit of Rs1.17 billion for January–March 2025, while Ufone remained in the red despite a 21% revenue increase, contributing significantly to the group’s overall loss.
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