Islamabad: (RightNow) The Islamabad High Court has approved the merger of Telenor Pakistan Private Limited and Pak Telecom Mobile Limited (Ufone). Justice Khadim Hussain Soomro issued this decision under the Companies Act 2017.

According to the court’s decision, all assets, properties, rights, and liabilities of Telenor will be transferred to Ufone. The court also clarified that post-merger, Telenor Pakistan will be considered dissolved.

The court instructed the petitioner to submit a certified copy of the decision to the Securities and Exchange Commission of Pakistan (SECP). The registrar has been directed to take necessary steps for the implementation of the scheme.

The decision stated that during the implementation of the merger scheme, legal, regulatory, and financial requirements must be fulfilled. The court clarified that its role is supervisory and that legal conditions have been reviewed.

It is noteworthy that the court reviewed the records and proposed scheme, declaring that all conditions of the Companies Act 2017 have been met. The merger is not against public interest, hence the scheme was approved.