No sales of Pakistani business
the signed sales of Talkpool's shares in Pakistan has not been executed
On the 17th of February 2022, Talkpool AG signed Sales Purchase Agreements with Saudi-based ZT Group for the sales on Talkpool’s shareholding in Pakistan and Saudi Arabia and entering a partnership for the Middle East region. The transaction was approved by the Pakistani competition authorities in June 2022, but ZT Group has so far not paid anything to Talkpool AG, thereby breaching the agreed conditions. No shares have been transferred and Talkpool is hence still majority owner of the shares in Pakistan.
Talkpool’s business in Pakistan has been crisis resilient as it continues to operate with high service quality, strengthening its position as Pakistan’s market leader in telecom network services while generating similar or higher profit margins compared to previous years.
The parties agreed on British law for resolving disputes. British lawyers believe that chances stand good that the Sales Purchase Agreement can be enforced. Talkpool has so far not initiated the legal process as this would be costly and take time – and there are still hopes for a settlement.
For more information, please contact:
Erik Strömstedt, CEO Talkpool
Tel: +41 81 250 2020
erik.stromstedt@talkpool.com
Talkpool provides IoT solutions and telecommunication network services globally. Through its cutting-edge technical expertise, long experience and agile business model, Talkpool offers global telecom vendors and operators high-quality services on short notice no matter the location. Moreover, Talkpool is one of few companies with actual solutions and contracts in place in the exciting IoT-market. FNCA Sweden AB, +46(0)8-528 00 399 info@fnca.se, is Talkpool’s Certified Advisor. www.talkpool.com