Etisalat wins PTCL bidding process

20 Jun 2005

UAE-based Emirates Telecommunications Corporation (Etisalat) has won the bidding process for a 26% stake in Pakistani incumbent Pakistan Telecommunications Company Limited (PTCL), having entered the highest bid of USD2.6 billion (PKR155.2 billion) or USD1.96 per share. Etisalat beat off competition from China Mobile, Singapore Telecommunications (SingTel), Telekom Malaysia, Saudi Arabia’s Oger, Saudi Telecom Company, Turkcell and Kuwait-based Mobile Telecommunications Company, with China Mobile and SingTel being its closest rivals, submitting offers of USD1.06 per share and USD0.88 per share respectively, although Etisalat’s winning bid was almost twice as much as these..

Under the agreement, Etisalat is required to pay 35% of the bid value within two weeks after the issuance of the letter of acceptance, with the remaining 75% to be paid within 60 days.

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