Etisalat wants PTCL price slashed

18 Nov 2005

UAE-based Etisalat, the potential buyer of the Pakistan government’s 26% stake in fixed line incumbent Pakistan Telecommunication Company Ltd (PTCL), has asked if it can now pay the price offered by the second highest bidder – China Mobile – earlier this year. Etisalat won the stake earlier this year but the sale was called off in October after it missed a payment deadline; the two parties reformed talks on the acquisition yesterday. Etisalat initially offered PKR107.01 per share, but now wants to pay PKR63.48 per share.