IHC approves merger of Telenor Pakistan with Ufone

ISLAMABAD: 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 Pakistan’s assets, rights and liabilities to PTML.

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

The court further ruled that Telenor Pakistan would cease to exist as a separate legal entity upon 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 the necessary legal steps for implementing the merger scheme.

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

In its judgement, the court observed that its role in merger cases is limited to determining whether the legal requirements have been fulfilled. After reviewing the proposed scheme and relevant records, it concluded that the merger complied with the provisions of the Companies Act, 2017.

The court further held that the merger was fair, lawful and not against the public interest, approving the scheme under the relevant provisions of the Companies Act, 2017.