PTCL sale off?

31 Oct 2005

The Pakistan government has cancelled the USD2.6 billion sale of a controlling stake in state-owned Pakistan Telecommunications Company (PTCL) to UAE-based Etisalat. The move came after the potential purchaser failed to meet the 28 October deadline for payment of the USD2.34 billion still outstanding which it agreed to pay in July. The government’s Privatisation Commission said that the matter would be referred to the cabinet’s committee on privatisation, but an insider commented that ‘the deal seems to be over’. Etisalat has yet to comment on the matter, but says it will issue a statement in the next few days.

Pakistan, Pakistan Telecommunication Company Limited (PTCL)