External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>In a notice to exchange, Pakistan Telecommunication Company - PTC (Market Cap of Rs49bn &amp; US$173mn) informed that its has entered into a Share Purchase Agreement (SPA) with the shareholders of Telenor Pakistan for the acquisition of 100% shares at an Enterprise Value of Rs108bn (US$380mn) on a cash &amp; debt free basis.</li><li>The deal is subject to regulatory approvals &amp; other customary conditions and is expected to be complete in 2024.</li><li>PTC also informed that the transaction will be financed by external debt. We believe due to shortage of FX reserves in Pakistan, the debt raised by PTC will directly transferred to the current shareholders of Telenor Pakistan.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In a notice to exchange, Pakistan Telecommunication Company - PTC (Market Cap of Rs49bn &amp; US$173mn) informed that its has entered into a Share Purchase Agreement (SPA) with the shareholders of Telenor Pakistan for the acquisition of 100% shares at an Enterprise Value of Rs108bn (US$380mn) on a cash &amp; debt free basis.The deal is subject to regulatory approvals &amp; other customary conditions and is expected to be complete in 2024.PTC also informed that the transaction will be financed by external debt. We believe due to shortage of FX reserves in Pakistan, the debt raised by PTC will directly transferred to the current shareholders of Telenor Pakistan.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Topline Flash Note: Pakistan Telecommunication: One of the Biggest Acquisition Deals in Pakistan