Etisalat to take over PTCL in September

31 Aug 2005

UAE-based Emirates Telecommunications Corporation (Etisalat) is set to take over management control of Pakistan Telecommunications Company Ltd (PTCL) in September, having made the final payment of USD2.25 billion. Etisalat bid USD2.598 billion for the management rights, and a 26% stake in the telco, in June, beating a rival bid from China Mobile.