Norwegian telecoms company Telenor ASA (STO:TELO) has launched a sale process for its operations in Pakistan, which could be valued at about USD 1 billion (EUR 996 million) in a potential transaction, Bloomberg reported. Citigroup has been hired to help for the sale of the business which could attract interest from parties in the Middle East and Asia with existing operations in Pakistan, according to insiders cited by the media. Interested parties will be invited to submit first-round bids later in November, the news agency's sources have said, cautioning that deliberations are underway and it could not be certain whether a transaction will eventually materialise.

The Norwegian firm in July announced a plan to launch a strategic review of its operations in Pakistan against a NOK-2.5-billion (USD 243m/EUR 242m) impairment loss related to the business there.