Court Transfers All Telenor Assets And Liabilities to PTML

The Islamabad High Court (IHC) has formally approved the merger of Telenor Pakistan (Private) Limited into Pak Telecom Mobile Limited (Ufone) whereby all assets, properties, rights, liabilities, and obligations of Telenor Pakistan will be transferred to Pak Telecom Mobile Limited.

Justice Khadim Hussain Soomro issued the written order to approve the scheme of arrangement under the Companies Act, 2017.

Under the court-approved merger, all assets, properties, rights, liabilities, and obligations of Telenor Pakistan will be transferred to Pak Telecom Mobile Limited. The court also ruled that Telenor Pakistan (Private) Limited will stand dissolved without undergoing separate winding-up proceedings once the merger becomes effective.

The IHC directed the petitioner to file a certified copy of the order with the Registrar of the Securities and Exchange Commission of Pakistan (SECP), which has been instructed to complete all legal formalities required to implement the merger.

The court further ordered that the merged entity must comply with all applicable legal, regulatory, and financial requirements during the implementation of the scheme.

In its judgment, the IHC noted that its role was limited to determining whether the proposed scheme met the requirements of the Companies Act, 2017. After reviewing the record, the court concluded that all statutory conditions had been fulfilled and that the merger was fair, lawful, and not contrary to the public interest.

The approval paves the way for the legal consolidation of Telenor Pakistan into Ufone, subject to the completion of the remaining regulatory and operational formalities.