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A meeting of the Board of the Privatisation Commission was held today under
the chairmanship of Minister for Privatisation & Investment, Dr. Abdul Hafeez
Shaikh, which was also attended by Mr. Awais Leghari, Minister for IT &
Telecom, to review and discuss the valuation exercise carried out by Financial
Advisory Consortium (FAC), which includes Goldman Sachs, JPMorgan, Analysys
and Global securities. The FAC has prepared a detailed financial model for
PTCL, which incorporates input from the PTCL and PTML managements.
The meeting reviewed and discussed the methodologies used to carry out the
valuation exercise.
The bidding for 26% B class shares in PTCL along with transfer of management
control is scheduled for 18 June 2005. Three pre-qualified bidders namely
Etisalat (United Arab Emirates), China Mobile (China) and Singtel (Singapore)
have already deposited the earnest money of US$ 40 million each with the
Privatisation Commission as of June 16, 2005. Following this deposit, these
bidders are now eligible to participate in the bidding for PTCL to be held on
June 18, 2005.
Members of the Board of the Privatisation Commission, senior officials of the
Ministry of IT & Telecom, Finance Division, Privatisation Commission, PTCL,
PTML and representatives of the FAC attended the meeting.