IHC approves Telenor Pakistan’s merger with Ufone operator PTML

The Islamabad High Court (IHC) has approved the merger of Telenor Pakistan (Private) Limited with Pakistan Telecom Mobile Limited (PTML), the operator of Ufone, allowing the transfer of Telenor’s assets, rights, and liabilities to PTML.

Justice Khadim Hussain Soomro approved the merger petition and issued a written order, saying that all properties, assets, rights, and obligations of Telenor Pakistan will be transferred to PTML under the approved scheme.

The court ruled that Telenor Pakistan will cease to exist as a separate legal entity after the completion of the merger process.

The IHC directed the petitioner to submit a certified copy of the order to the Registrar of the Securities and Exchange Commission of Pakistan (SECP), which will take necessary legal steps for the implementation of the merger scheme.

The court instructed the companies to ensure immediate compliance with all legal, regulatory, and financial requirements required for the execution of the merger.

In its written order, the court noted that its role in such merger cases is limited to overseeing whether legal requirements have been fulfilled. After reviewing the scheme and relevant records, the court found that the merger met the requirements of the Companies Act, 2017.

The court observed that the proposed merger was fair, lawful, and not against public interest, and approved the scheme under the relevant provisions of the Companies Act, 2017.