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We must allow sale of 26 % shares with management control of Pakistan
Telecommunication Company Limited (PTCL) as integrated entity enabling the
company to become regional player. Dr. Abdul Hafeez Shaikh disclosed the
decision of a meeting held on Monday under the chairmanship of President
General Pervez Musharraf, in a crowded press conference held here today.
He said that the meeting attended by Prime Minister Shaukat Aziz, concerned
cabinet Ministers, PTA Chairman, PTCL official was of the view that
unbundling of PTCL would not be cost effect even in terms of time as PTCL
market share has already reduced from 80 % to 51 % with the advent of new
players in the market, which would further decrease. Fresh Advertisement
inviting Expression of Interest would be invited on 'as is where is' basis,
while the companies, which had earlier expressed their interest would remain
in the run, he said.
Dr. Abdul Hafeez Shaikh added that the cabinet has already given its
approval for sale of PTCL as integrated entity in August 2000. The
government has 88 % shares of Company and after the sale of 26 % shares the
government would retain 62 % shares in the company, he said.
He informed that both the options given by PTA Chairman's Committee to
unbundled or offer PTCL as single entity were debated internally before taking
this decision.
Dr. Hafeez Shaikh stated that the privatisation of PTCL could not move
ahead in the absence of a regulatory regime, which was now very much in
place and working effectively under the government's deregulation policy. He
said that now our leadership the President and the Prime Minister were
committed and interest was being observed and as regard to tariff regime here
existed clarity in the market and in the given circumstances the consumers
interest would be protected besides providing level playing field to the
interested parties. Replying to a question Dr. Hafeez said that this
government was pro-worker and workers interests were supreme for us and
during the past 22 months of the democratic government of President
Musharraff not even a single worker was retrenched. Workers do have fears and
the government would convince them, as we have recently resolved the decade
old GHS/VHS issue of the workers of National Cement Factory, Dandoot and
Suraj Ghee Mills Sheikhupura, he stated.
Mr. Owais Ahmed Leghari Federal Minister for Information Technology flanked
by his Minister of State Mr. Ali Asjad Malhi said that the decision-making
slow down in the government, therefore, the government should not remain in
any such business.