| The process to sell 26% of state-owned Pakistan Telecommunication Co. (PTCL) will begin as soon as Prime Minister Shaukat Aziz returns from an international tour.
Abdul Hafeez Sheikh, Pakistan's privatisation and investment minister, said that PTCL's privatization plan is "well on target" and that a pre-bid conference of prospective bidders will take place on May 14.
"I am sure all...prequalified parties are serious in making an attempt to take over the telecom," Sheikh said.
In March, Pakistan's Privatisation Commission said eight international telecommunications firms had been shortlisted to bid for the 26% stake in PTCL. The shortlisted firms are Singapore Telecommunications, Emirates Telecommunications, Telecom Malaysia, Kuwait's Mobile Telecommunication, Saudi Oger, Turkcell, China Mobile and Saudi Telecom.
Pakistan’s government owns 88% of PTCL – the remaining stake is owned by minority investors. The company’s stock is traded on the Karachi Stock Exchange.
The government decided in November to sell the stake in PTCL after years of delay that initially drove off some investors. The buyer of the stake will get management control of the company.
Source: Dow Jones |