Government to hold meeting with Etisalat to resolve pending issues of PTCL privatization

Government to hold meeting with Etisalat to resolve pending issues of PTCL privatization
Published in Daily The nation on Saturday, April 23, 2016
Islamabad (Saturday, April 23rd, 2016) – Government of Pakistan on Friday decided to hold crucial meeting with management of M/S Etisalat, which purchased Pakistan Telecommunication Company Limited (PTCL), to resolve the issue of pending amount of $800 million.
Finance Minister Ishaq Dar has directed Chairman Privatization Commission, Finance Secretary and Secretary Privatization Commission to pursue pending issues with M/S Etisalat and hold a meeting with them for early settlement.
PTCL deal was signed in 2006 when the then government sold 26% stake of the company in return for $2.
6 billion.
Etisalat – a multinational UAE-based telecommunications services provider operating across Asia, the Middle East and Africa – is withholding $800 million, saying that the Pakistan government has failed to live up to its commitment of transferring all the 3,248 properties under PTCL’s ownership.
The government had transferred all properties other than 34.
Pakistan had reportedly asked the Etisalat management to deduct the price of 34 properties out of pending $800 million, which is not acceptable for Etisalat.
As per government evaluation, the cost of these properties was $92 million whereas Etislaat has come up with assessment of $400 million.
Therefore, the issue is not resolved yet.

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