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The Privatisation Commission has offered 53 % shares (approximately) held
by Pakistan Telecommunication Company Limited (PTCL) in Carrier Telephone
Industries (CTI) for sale to a qualified investor as 'a going concern' basis
with management control, as a part of the privatisation process of the
Telecommunication sector in Pakistan.
The prospective investors have been asked to submit their Expressions of
Interest latest by April 30, 2004, including the information regarding
experience in the Telecom manufacturing sector, corporate sector identifying
principal areas of business, audited financial statements for the preceding
three years and the details of the ownership structure.
The legal status of the Capital Structure is: PTCL- 8,016 Ordinary Shares of
Rs.1000/= each and Siemens AG, Germany- 7251, 5 % Cumulative Preference Shares
of Rs.1000/= each.
As per terms of the Articles of Association of CTI, Siemens concurrence is
required for the sale of PTCL shares in CTI to a Competitor (Competitor being
any person or Company who deals either as principal, or agent in electrical
plant and apparatus of all types, including but without prejudice to the
generally of the foregoing, long distance Telecommunication Equipment and
Electrical Component and competes in any such fields with Siemens.
CTI's principal business is manufacturing of transmission equipment for
telecommunication services and equipped with the state-of-art machinary, which
include Digital Microwave Radio, Mux for Optical Fiber, Rural Digital Branch
Exchange, Single Channel VHF Radio. CTI is located at Industrial Area Sector:
I-9/2, Islamabad.