Eight companies to bid for PTCL

16 Jun 2005

Eight companies have been shortlisted to bid for a 26% stake in Pakistan Telecommunications Company ltd (PTCL), and must put down a deposit of PKR40- million (USD672,000) by the end of today in order to take part in the bidding process. The shortlisted firms are Singapore Telecom (SingTel), China Mobile, Telekom Malaysia, Mobile Telecommunications Company (MTC) of Kuwait, Saudi Oger, Saudi Telecom, Emirates Telecommunication Corp (Etisalat) and Turkcell. The bidding date was delayed from 10 June following employee protests spurred by fears of job losses because of privatisation. One union group reached an agreement with management earlier this week and has called off its strike, but other unions have rejected the agreement and some have threatened to shut the company’s operations down on 18 June.

Pakistan, Pakistan Telecommunication Company Limited (PTCL)