Siemens, PC sign SPA accord
Staff Report

ISLAMABAD—Siemens and Privatisation Commission (PC) signed a Shares Purchase Agreement (SPA) here on Tuesday.
Secretary Privatisation Commission M. Tahsin Khan Iqbal, CEO Pakistan Telecommunication Company Limited (PTCL) Junaid Khan and Divisional Director of Seimens Pakistan Engineering Company Sheikh Tahir Javed signed the agreement on behalf of the respective parties for the sale of 53 % shares held by Pakistan Telecommunication Company Limited (PTCL) in Carrier Telephone Industries (CTI).
The Privatisation Commission offered 53 per cent shares (approximately) held by Pakistan Telecommunication Company Limited (PTCL) in Carrier Telephone Industries (CTI) for sale to a qualified investor as 'a going concern' basis with management control, as a part of the privatisation process of the Telecommunication sector in Pakistan.
Speaking on this occasion M. Tahsin Khan Iqbal said that the most significant part of this transaction was that whereas the world's one of the best electronic company, Siemens now actively be running this factory, the surplus land measuring 46,111 Sq Yard, which had been attached to CTI but not hitherto utilized by CTI would revert to Government of Pakistan (GoP).
The CTI was carved out by PTCL so as to be able to maximize revenues for the GoP, he added. He further informed that after receiving Rs 500 million, the SPA was being signed and the management of CTI was simultaneously being handed over to the Seimens.
Later, talking to newsmen, Secretary PC M. Tahsin Khan Iqbal said that the consortium of Hassan Associates with Al-Jummaih Group of Saudi Arabia has been asked to deposit US $ 100 million for signing SPA for Karachi Electric Supply Company (KESC). CTI's principal business is manufacturing of transmission equipment for telecommunication services and equipped with the state-of-art machinery, which include Digital Microwave Radio, Mux for Optical Fiber, Rural Digital Branch Exchange, Single Channel VHF Radio. CTI is located at Industrial Area The senior officials of Privatisation Commission, representatives of Ministry of Communication & I.T, PTCL and media were present during the meeting.