Pakistan signs PTCL over to Etisalat

13 Mar 2006

Etisalat has signed an agreement with the Pakistan government under which the company will take management control of the Pakistan Telecommunication Company Limited (PTCL) by the end of the month. Etisalat agreed to pay USD2.6 billion to take a 26% stake in PTCL in January 2006. Privatisation Minister Hafiz Sheikh says the UAE-based company had so far paid a 10% deposit on its stake and that it would deposit a further USD1.4 billion within ‘a couple of weeks’, with the remainder to be paid in instalments.