Etisalat and PTCL finally reach deal

4 Jan 2006

Pakistan’s Privatisation Ministry has supported a move by the government to allow UAE-based Etisalat to make staggered payments over the next two-to-four years for a 26% stake and management rights in fixed line incumbent PTCL. Etisalat agreed to buy the stake in July last year, but failed to meet the deadline for payment. Critics have suggested that the decision to soften the payment terms could undermine the government’s plans for further privatisations later this year.