PTCL sale delay could damage FDI

4 Nov 2005

The delay in the sale of the government’s 26% stake in incumbent telco Pakistan Telecommunications Company (PTCL) could affect foreign direct investment (FDI) plans for the current financial year, according to the regulator. The government had targeted USD3.5 billion in FDI in 2005/06, but was hoping to drum up USD2.6 billion of this from the PTCL sale. The government is currently in talks with UAE-based buyer Etisalat to try and resume the sale.