ISLAMABAD – The Islamabad High Court (IHC) has approved the merger of Telenor Pakistan Private Limited with Pakistan Telecom Mobile Limited (Ufone), allowing the transfer of all assets, properties, rights, and liabilities of Telenor Pakistan to Ufone.
Justice Khadim Hussain Soomro approved the merger petition and issued a written order stating that Telenor Pakistan Private Limited will be considered dissolved without further proceedings after completion of the merger process.
The court directed the applicants to submit a certified copy of the decision to the Registrar of the Securities and Exchange Commission of Pakistan (SECP). The SECP registrar has been instructed to take necessary steps for implementation of the approved merger scheme in accordance with the law.
The court also directed the parties involved to ensure compliance with all legal, regulatory, and financial requirements related to the implementation of the merger plan.
The order stated that an application had been filed seeking approval for the merger of Telenor Pakistan into Pakistan Telecom Mobile Limited, along with the transfer of all associated assets and liabilities.
The court observed that its role in approving such corporate arrangements was supervisory in nature and limited to examining whether legal requirements had been fulfilled.
After reviewing the record and the proposed merger scheme, the court expressed satisfaction that all relevant requirements under the Companies Act, 2017, had been met. It noted that the scheme was not against public interest and was found to be fair and lawful.
The court therefore approved the merger under the relevant provisions of the Companies Act, 2017, paving the way for the completion of the transaction following the required regulatory procedures.
