KARACHI: MCB Bank Ltd (MCB) on Monday announced that it is in the process of carrying out due diligence for a potential transaction to purchase 55 per cent shares in Telenor Microfinance Bank Ltd, the bank informed the stock exchange.

“The State Bank of Pakistan (SBP) has granted in principle conditional approval to MCB Bank to conduct due diligence for a potential transaction for the purchase of 55pc shares of Telenor Microfinance Bank Ltd held by Telenor Pakistan BV (operates under the Easypaisa name),” the notice read.

Hydrocarbon discovered

Pakistan Petroleum Ltd (PPL) has made a hydrocarbon discovery from an exploratory well, Mohar-1, in the Latif Block, Sindh.

PPL, Eni Pakistan Ltd and United Energy Pakistan Ltd, which is operator of the block, each hold 33.40pc working interest in the block.

TPL gets GIS contract

TPL Trakker Ltd on Monday announced that it has been awarded a contract by the Pakistan Telecom Authority (PTA) for Development of a web-based Geographical Information System (GIS) for the planning and rollout of 5G services in Pakistan.

The company in a press release said that the solution will be developed utilising TPL Maps’ location services platform.

Published in Dawn, February 22nd, 2022