Etisalat agrees to stay in PTCL deal

ISLAMABAD—Government of Pakistan (GoP) and Etisalat on Tuesday reached an agreement towards successful completion of the privatization process of Pakistan Telecommunication Company Limited (PTCL) with respect to Etisalat’s acquisition of 26 % shares in PTCL along with management control, says a message received here from Abu Dhabi.
Etisalat appreciated the transparency of the process and the professional approach of the GoP.
The GoP appreciated the firm interest and commitment of Etisalat to the privatization process of PTCL and Pakistan, according to joint press release issued by the Privatization Commission and Etisalat of UAE here Tuesday.
In this round of talks held in Abu Dhabi, the Etisalat team was led by Mohamed Hassan Omran, Chairman & CEO of Etisalat, whereas Pakistan team was led by Dr. Abdul Hafeez Shaikh, Minister for Privatization and Investment and Ahsanullah Khan, Ambassador of Pakistan to UAE.
The Pakistani Minister for Privatization and Investment stated that a team from Etisalat would be arriving in Pakistan next week to finalize the transaction, which was expected to be completed in January 2006.
It may be recalled that Etisalat had been declared successful bidder after it outbid China Mobile and Sing TEL by offering US $2.6 billion for acquisition of 26 % stake in PTCL. Mohamed Hassan Omran, Chairman & CEO of Etisalat said, “We are pleased to announce that our talks with GoP representatives resulted in resolution of all issues. We are looking forward towards participating in the dynamic telecom sector in Pakistan to the benefits of the shareholders of both Etisalat and PTCL”.—APP