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Government of Pakistan (GoP) and Etisalat reached an agreement today
towards successful completion of the privatisation process of the Pakistan
Telecommunication Company Limited (PTCL) with the respect to Etisalat's
acquisition of 26 % shares in PTCL along with management control, says a
message received here from Abu Dhabi.
Etisalat appreciated the transparency of the process and the professional
approach of the GoP. The GoP appreciated the firm interest and commitment of
Etisalat to the privatisation process of PTCL and Pakistan.
In this round of talks held in Abu Dhabi, the Etisalat team was led by Mr.
Mohamed Hassan Omran, Chairman & CEO of Etisalat, whereas Pakistan team was
led by Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment
and Mr. Ahsanullah Khan Ambassador of Pakistan to UAE.
The Pakistani Minister for Privatisation & Investment stated that a team from
Etisalat would be arriving in Pakistan next week to finalize the transaction,
which was expected to be completed in January 2006.
It may be recalled that Etisalat had been declared successful bidder after it
outbid China Mobile and Sing TEL by offering US $ 2.6 billion for the
acquisition of 26 % stake in PTCL.
Mr. Mohamed Hassan Omran, Chairman & CEO Etisalat said, "We are pleased to
announce that our talks with GoP representatives resulted in resolution of all
issues. We are looking forward towards participating in the dynamic telecom
sector in Pakistan to the benefits of the shareholders of both Etisalat and
PTCL."