Telenor starts the exit process for its Pakistan business
Telenor, the Norwegian telecommunications giant, has initiated its plan to sell its operations in Pakistan.
According to Bloomberg, the value of its operation is going to be north of $1 billion.
In a recently published report, Bloomberg has also cited that Telenor Group is working with Citigroup to initiate the bidding process later this month.
Earlier in October, Telenor stated its underlying earnings in Pakistan fell 22% in the third quarter. Industry insiders predict the volatile economy of Pakistan coupled with the gloomy global economic landscape might have triggered the exit process of Telenor.
In 2018, Telenor also closed shop and merged with Bharti Airtel. Once exited, Grameenphone will be Telenor's only SBU in SAARC region.