PTCL Privatisation

Islamabad: Middle-Eastern company Etisalat, the buyer of the Pakistan Telecommunication Company Limited (PTCL) has defaulted in making payment of $ 799.306 Million, Federal Minister for Privatization Senator Waqar Ahmed Khan Informed Senate Standing Committee Privatisation is here on Friday. 

Etisalat was supposed Thurs deposit $ 2.598 Billion as final bid price for acquiring 26% of PTCL shares' Along with it's Management Control through the Open Bidding in installments. The Etisalat has paid up to the date "some $ 1.799 Billion Thurs Pakistan and has defaulted in making payment of Remaining Amount of $ 799.306 Million by assigning reason for the non-transfer of properties and immoveable assets to the PTCL by the government According to the Sale Purchase Agreements Signed In the state of Privatisation of PTCL Thurs Etisalat. 

Senate Standing Committee has Privatisation was Held here at Parliament House in the chair Senator Adnan Khan Thurs review, The Present Status of Privatisation of State Owned Enterprises (SOEs) under Benazir Employees Stock Option Schemes (Besos), Pakistan Telecommunication Company Limited and the performance of Karachi Electric Supply Company. 

Sources in the Privatisation Commission Informed Daily Times That Earnest money of $ 40 Million was Received in June 2005, whereas Another Amount of $ 219 896 was also Life Received in the Same Month of 2005, the Government of Pakistan (GOP) had occurred Received proceeds Amount of $ 500 million in March 2006 , Another AMOUNT proceeds of $ 623.604 Million in April 2006, while $ 16.500 Million were paid Thurs GOP as success fee by the purchaser. 

According to Sales Purchase Agreement (SPA), Etisalat HAD paid a proceeds Amount of $ 133.217 Million Each DURING September 2006, June 2007 and November 2007, while six more installments of total AMOUNT $ 133.217 Million Each were due from March & September 2008, 2009 and year 2010 as the default total of $ 799.306 Million. 

Sources said That managerial control of PTCL has Fully Transferred Thurs buyer But 26% of the entity's shares' are till Within PTCL. HOWEVER Remaining delay in payment by the buyer was projected Due to the non-transfer of immoveable properties and assets of Etisalat PTCL Thurs.