The Pakistan Telecommunication Company Ltd (PTCL) is close to finalising the transfer of assets owed to it as part of its partial privatisation, local news reports cite PTCL’s CEO as saying. The transfer will bring to a head the long standing dispute between Islamabad and the UAE’s Etisalat, with the latter expected to pay out USD800 million to the government.*As noted by TeleGeography’s GlobalComms Database, in January 2006 the government agreed to sell a 26% share in PTCL to a consortium led by Etisalat for USD2.6 billion. Etisalat would pay in seven staggered intervals, comprising a USD260 million down payment, followed by a further USD1.14 billion paid in March that year, at which point control of PTCL was handed to the UAE group, with the balance of the USD2.6 billion to be paid over five years.
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OVETEL Etisalat and Islamabad to complete deal after six year standoff
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