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The management control of Pakistan Telecommunication Company Limited (PTCL)
was transferred to Eitsalat international Pakistan (EIP), a subsidiary of
Emirates
Telecommunication Corporation (Etisalat) of United Arab Emirates.
The completion of the successful privatisation of PTCL is a milestone in the
privatisation and investment program of Government of Pakistan. The formal
hand over of the management of PTCL to EIP was completed in a brief and
dignified ceremony, where, the nominees of EIP were formally co-opted on the
Board of PTCL and its group of companies.
The new Board of Directors appreciated the accomplishments of the outgoing
management and Board of Directors and gave their commitment for bringing in
efficiency, quality service and modern technology for the benefit of the
people of Pakistan.
Mr. Awais Ahmed Khan Leghari, Federal Minister for Privatisation & Investment,
H.E. Ambassador of UAE in Pakistan, senior officials of Privatisation
Commission, the Ministry of Information Technology and PTCL were present
during the handing over ceremony.
It may be recalled that the Share Purchase Agreement (SPA) was signed with EIP
on March 12, 2006. Pursuant to the signing of the SPA, EIP paid the initial
payment of US dollar 1.4 billion. The remainder amount of US$1.2 billion will
be paid in 9 equal semi annual installments.
Mr. Awais Ahmed Khan Leghari on this occasion said that the handing over of
PTCL management to EIP would help usher in the new era of telecommunications
service in the country. The Minister further stated that the change of
management would also attract fresh
investment in the country. He termed the privatisation of PTCL as an historic
success under the political and democratic government of President Musharraf
and Prime Minister Shaukat Aziz.
PTCL is the leading provider of basic telephony services in Pakistan. Besides
providing fixed line and ancillary services, PTCL owns Pakistan
Telecommunication Mobile Limited, one of the leading cellular companies in
Pakistan and Paknet a countrywide Internet service provider.