NA committee briefed concerning on privatization benefits
By Asim Hussain

ISLAMABAD—National Assembly Standing Committee on Information Technology & Telecommunication was briefed that privatization process is processing for the benefits of the country.
National Assembly Standing Committee on Information Technology & Telecommunication met under the Chairmanship of Mr. Mohammad Tahir Shah, MNA in the Parliament House, to get briefing on the Privatization/Performance of Pakistan Telecommunication Corporation Ltd. The committee was informed that in pursuance of GOP approved telecommunications deregulation policy in 2003, there by opening up the fixed lined industry to Increased competition. GOP decides to carry on with privatization of PTCL by selling 26% stake along with management control to a qualified strategic investor. In response to an extensively advertised and marketing campaign in 2004-2005, 18 parties submitted their expression of interest. All the pre-qualified nine bidder were allowed equal access to conduct their own due diligence starting in April and continuing until the building on 18 June 2005.
After a long and interactive exchange process the transaction documents were finalized in consultation with the GOP and bidders and series of pre-bid conferences were also held between the PC and the bidder in order to answer their quires and allay any concerns that they had with the privatization process itself. It was also ensured by the Government that the job security of the employees remains protected and their terms and condition are not adversely changed. Apart from the handsome package offered to the PTCL employees, the
Government is also considering giving shares of the company to employees at a discount. After caring out the bidding process the consortium led by Etisalat’s bid was accepted which was subsequently approved by CCOP.
The committee was further informed that GOP still owns nearly 62% shares in PTCL after its privatization. The Government has four directors on the PTCL and EIP has five directors where as the Chairman of the PTCL board is a nominee of the GOP.
The committee was also informed that all the grievances of the members would be taken up with the PTCL through the ministry concerned.
Mr. Sahibzada Muhammad Mahboob Sultan, Mr. Ghulam Ali Nizamani, Maulana Shah Abdul Aziz, and Dr. Nasim Ahmed Panhwar, MNAs attended the meeting.. Minister for Information Technology & Telecommunication and Minister for privatization also attended the meeting.