Telenor will make a strategic decision on its Pakistan business before the end of the year, according to the company's CEO.

Sigve Brekke told Reuters that it's assessing its options in the market.

"We are in contact with many parties now, which is why I say I'm rather optimistic that we will by the end of the year have a final solution," said Brekke.

Brekke told the publication that there are three potential options for the company.

These include a merger, a sale, or to continue but with a different operational model.

Telenor has previously completed merger deals in Malaysia and Thailand.

Last month, the Pakistan Telecommunication Company Limited (PTCL) confirmed that it has been authorized to submit a binding offer for the takeover of an unspecified mobile operator, widely reported to be Norwegian carrier Telenor, which has previously signaled its intention to exit the market.

An exit from the market is estimated to be worth around $1 billion for Telenor, with the operator working with potential investors over a deal.

The company has a presence in the mobile sector through its wholly-owned subsidiary Pakistan Telecommunication Mobile Limited (PTML), which uses the Ufone brand and has over 24.5 million subscribers in Pakistan.

Telenor completed its exit from Myanmar last year after agreeing to sell its local operations to Lebanese holding company M1 Group for $105 million.