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In line with the government's deregulation policy for the Telecom sector
the Privatisation Commission (PC) has invited qualified strategic investors to
submit their Expression of Interest (EOI) for acquiring 26% shares of Pakistan
Telecommunication Company Limited (PTCL) with management control as a wholly
integrated telecom operator. Upon receiving EOIs and the processing fee from
the interested parties, Request for Statement of Qualification (RSOQ) will be
sent immediately to them for returning RSOQ to PC latest by January 28, 2005.
PC has requested the potential investors to submit their EOI at the earliest
in order to get maximum time for completion of RSOQ requirements. Those who
had already submitted their EOI need not to apply afresh, however, they have
been asked to reiterate their interest.
PTCL is the leading provider of basic telephone services to the private sector
in Pakistan with over 4.4 million telephone lines in service. Besides
providing fixed line and ancillary services, PTCL owns Pakistan
Telecommunication Mobile Limited, one of five GSM cellular provider (two
operators yet to commence business) in Pakistan and PakNet a countrywide
Internet service provider. Its strong financial position demonstrated during
FY 2004 excluding subsidiaries as per unconsolidated financials of PTCL
indicates: Revenue PKR 74,124 million, Operating profit: PKR: 41938 million,
Net Profit after Tax: PKR:29,169, Total Assets: PKR: 141,595 million, Total
Equity: PKR: 83,600 million, with a network of installed 5.27 million lines
and 4.43 million access lines in service.
PC has asked the interested quality players to submit EOI alongwith
information regarding Experience in Telecom Sector, International Telecom
Development, involvement in the acquisition/ operation of telecom requiring
system upgrading and managerial restructuring, audited financial account
statements for the preceding three years and the details of the ownership
structure and a non-refundable processing fee of US $ 5000 or Pak Rupees
300,000/=
The independent regulator, Pakistan Telecommunication Authority (PTA), has
liberalized and deregulated the sector to facilitate an expected increase in
competition subsequent to the sale of various telecom licenses. A consortium
consisting of JP Morgan and Goldman Sachs International is advising Government
of
Pakistan on the privatisation of PTCL.