Etisalaat to pay $800m after getting PTCL properties


With US dollar touching new high of Rs100 in the wake of fast dwindling foreign exchange reserves, the financially beleaguered Pakistan has asked Etisalaat Company to pay the remaining amount of $800 million that it owes to Pakistan under the PTCL privatisation deal.

The Prime Minister of the country Raja Pervaiz Ashraf stated this while talking to Etisalaat delegation led by Abdul Karim Ahmad Julfar, Group Chief Executive Officer, at the Prime Minister House, one of the participants of the meeting told The News requesting anonymity.

The prime minister pointed out that there were some pending issues pertaining to sale of PTCL to Etisalaat. He suggested that Etisalaat nominate a team which should sit with the representatives of the government of Pakistan to resolve issues within a specified time frame so that we can move forward.

The prime minister assured the chief executive officer of Etisalaat that government of Pakistan as part of its policy to encourage foreign investment shall extend all possible assistance to Etisalaat. The CEO of Etisalaat said that the expansion of broadband was a key to development in the country and his company would be ready to invest in the telecom sector so that Pakistan could benefit in the process.

Abdul Karim Ahmad Julfar, according to the sources, said in the meeting that the government first take effective step to bar the grey traffic of calls and resolve the issue of handing over of PTCL properties to Etisalaat, then the company will release $800 million to Pakistan.

According to top official of the Finance Ministry, under the privatisation of PTCL deal, about titles of 3,000 properties of PTCL across the country were to be transferred in the name of Etisalaat Company.

He said only 29 properties are left whereas the remaining properties are transferred to the company and as soon as the remaining issue gets resolved, Pakistan will also be given the remaining installment of $800 million of the sale proceed of PTCL.


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