26.3 C
Perth
December 6, 2019
Image default
Top Stories

Telenor close to buy Tameer Bank’s 100 % shares

ISLAMABAD: Pakistan’s one of the leading telecom company Telenor which already hold 51 % of shares in Tameer Bank is close to buy remaining 49 % shares, TheNewsTribe.com learnt from ProPakistani.

According to reports, Tameer Bank has accepted an offer from Telenor Group for the purchase of 49% shares in the bank and after the transaction, Telenor Pakistan will become the sole stake holder of the bank.

A source, who is directly aware of the development, said that Tameer Bank’s shareholders have approved the offer from Telenor and transaction is currently with State Bank of Pakistan for regulatory approval before it is made public.

Tor Odland, Vice President, Head of Communication at Telenor Group Asia, in an email communication, confirmed ProPakistani of the ongoing buyout talks with Tameer Bank but declined to comment on the outcome. “Until this discussion has been concluded, we are not able to share any further details”, said Mr. Odland.

Telenor Pakistan had first bought 51% shares in Tameer Bank back in 2008 for USD 12.5 million dollars, after which they started Easypaisa — a mobile financial service — that currently holds 55 percent market share in all MFS transactions in the country.