TRANSFER OF PTCL MANAGEMENT IN A FORTNIGHT

Islamabad, February 22, 2006

Discussions were held over the last two days between the Government of Pakistan (GoP) and Etisalat UAE, with regards to the acquisition of Pakistan Telecommunication Company Limited (PTCL). In light of the understanding reached, earlier between GoP and Etisalat, UAE, the parties have reached an agreement on all the modalities and procedures for the transfer of PTCL management to Etisalat in the next couple of weeks.

Both the parties committed themselves to the new partnership, which would further strengthen the brotherly ties between the two countries of UAE and Pakistan.