Saturday, April 08, 2006

PTCL sell-off: Etisalat deposits $623 mln


ISLAMABAD: The UAE-based Etisalat, which purchased 26 per cent shares of Pakistan Telecommunication Company Limited (PTCL), has paid $623 million of the highest bid.
The Per share bid price however was $1.96. According to officials of Pakistan Privatisation Commission, it is second installment paid by Etisalat in connection with PTCL’s sell-off to it. Earlier, Etisalat had deposited $260 million guarantee and first installment of $500 million. However, Etisalat has deposited total $1.39 billion for acquiring the control of PTCL. Etisalat offered on June 19, 2005 the highest bid of $2.59896 billion to acquire 26 per cent shares and management control of the PTCL.
Etisalat has to pay remaining $210 million to acquire the control of PTCL.

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