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NA BODY ON PRIVATISATION URGES FOR AMICABLE SOLUTION OF PTCL MATTERS
Islamabad, April 21, 2010
Islamabad, April 21, 2010 (APP/ONLINE/NNI)- The National Assembly’s Standing
Committee on Privatisation directs the Privatisation Commission to resolve
issues pertaining to Pakistan Telecommunication Company Limited (PTCL) in an
amicable manner and line should be drawn to avoid any such mistakes in the
future transactions. Nawab Ali Wassan MNA said while chairing meeting of NA
standing Committee on Privatisation here today.
He said that efforts should be geared up to get back the overdue installments
of US $ 800 million whereas the Privatisation Commission has already
facilitated Etisalat International Pakistan in transfer of 94 % properties to
PTCL as per terms of the Sale Purchase Agreement (SPA). So far 2936 properties
have been transferred. A few properties having no titles or in litigation or
private was not the cogent reason to hold the proceeds pertaining to PTCL, the
Committee observed.
The Committee pointed out that paying management fee of US $ 50 million per
anum for five years, linking the installments with the transfer of properties
to PTCL and not issuing any new license for seven years were not a wise
decisions.
Earlier, making presentation before the members of the committee Senator Waqar
Ahmed Khan Federal Minister for Privatisation informed that 62 % shares of
PTCL were still owned by the GoP. We were doing all our efforts to overcome
the damage done through this transaction and were in the process of
restructuring of the State Owned Entities (SoEs) for value addition and to
bring in fresh investment through Public Private Partnership (PPP) in a fair,
transparent and open manner and not to make any out right sale in the name of
privatisation, he added.