The much-hyped merger between Pakistan Telecommunication Company Limited (PTCL) and Telenor Pakistan has hit yet another roadblock — and this time, the blame squarely lies with PTCL.
Read More: Ufone’s Financial Black Hole Puts PTCL-Telenor Merger on the Brink
Sources confirm that the Competition Commission of Pakistan (CCP) is furious over PTCL’s failure to provide critical audit reports and financial documentation necessary for the regulatory review of the merger. The CCP, which had already extended deadlines to accommodate the transaction, now claims the telecom giant is deliberately withholding key financial data, throwing the entire deal into uncertainty.
“This kind of non-cooperation is unacceptable,” a senior CCP official told reporters on condition of anonymity. “We cannot allow a billion-dollar merger to proceed without complete financial transparency. PTCL is not above the law.”
The merger, first announced in late 2023, was touted as a game-changer in Pakistan’s struggling telecom sector. The UAE-owned PTCL, which also owns Ufone, aims to absorb Telenor’s operations, effectively consolidating the market. However, analysts now believe this delay could significantly weaken confidence in the deal and disrupt future investments in the sector.
“This isn’t just bureaucratic red tape. These are basic requirements,” said a senior telecom analyst. “If PTCL can’t submit its books to the regulator, what’s it hiding?”
The CCP has reportedly issued multiple reminders and may initiate penal action or even suspend further review if PTCL fails to comply.
With regulatory trust eroding and Telenor’s patience wearing thin, the merger now hangs in limbo—threatening to derail what was once seen as a strategic lifeline for both companies.
