|
|
|
|
|
In a statement issued here today, a spokesman of the Privatisation
Commission (PC) has said that under the Share Purchase Agreement (SPA) signed
between Etisalat International Pakistan (EIP), a subsidiary of Etisalat, and
the Government of Pakistan on June 30, 2005, EIP was required to make final
payment on October 28, 2005. EIP was the highest bidder for 1.326
billion 'B' shares representing 26 % of the shareholding in Pakistan
Telecommunication Company Limited (PTCL). They offered US $ 2.598 billion
equating to US $ 1.96 per share in a transparent and competitive bidding held
on June 18, this year.
The spokesman added that inspite of the necessary facilitation within the
transaction framework. Etisalat failed to make payment of the balance bid
amount within the mutually agreed extended time line of October 28, 2005, he
said.
The matter is being referred to the Privatisation Board and to the Cabinet
Committee on Privatisation for their guidance on the next steps of the
transaction.