Companies / Pakistan
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PTCL Signs Etisalat Deal in Part-Privatisation
March 2006 | Project NewsSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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The Pakastani government has signed a formal agreement with UAE operator Etisalat handing over management control of state-owned telco PTCL. A signing ceremony has formalised the transfer of a 26% stake in PTCL to Dubai-based Etisalat, which will pay US$1.4bn immediately, followed by an extra US$1.2bn over five years. The deal initially ran into trouble in 2005 after Etisalat failed to make payment