Millicom considers calling it quits in Pakistan

Millicom plans to sell or shut down its Pakistan telecom company citing challenging business conditions.

Luxembourg based global telecom investor Millicom has appointed Lazard to review strategic options for its Pakistan telecommunications business, Paktel.

Millicom has been operating in Pakistan since 1990, owning an 88.9% interest in Paktel, the country's fifth largest telecom company in terms of active subscribers. As of September 30, Paktel had 1.53 million subscribers, representing an increase of more then 60% over the same period of the previous year.

But on November 13, Millicom announced that ├┤challenging business conditions in the...

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