Saturday, April 10, 2010

Etisalat and PTCL deal, pak gov might take inquiry

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The highest standards of transparency” has been applied by Etisalat in the acquisition of its stake in Pakistan Telecommunications (PTCL) and the operator has also maintained that it is entitled to withhold payments under the terms of the transaction over an unresolved property issue.

A share purchase agreement has been signed by Etisalat with Pakistan’s government to acquire a 26 percent stake in PTCL for USD 2.6 billion. However, some payments to the Pakistani government were withheld by Etisalat because of a disagreement over the ownership of several properties in the country that were part of the deal.

Etisalat made it clear that it will immediately release the installments the moment Pakistan’s Privatization Commission fulfills this obligation.
As per the latest media reports, an inquiry have been proposed by Pakistan’s government into

Etisalat conduct in Pakistan regarding PTCL. According to Pakistan’s Minister for Privatization Waqar Ahmed Khan, the deal was made without involving the country’s Privatization Commission and that the properties that were to be transferred to Etisalat under the deal included lands that are not owned by the federal or provincial government.


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