Islamabad finally agrees Etisalat-PTCL deal

31 Jul 2012

Pakistan’s government has drawn a line under its long standing dispute with UAE-backed Etisalat over payment for a 26% stake in Pakistan Telecommunications Company Ltd (PTCL) dating back to 2006. The Tribune reports that the two parties agreed for Etisalat to pay USD700 million of the outstanding USD800 million, which had been withheld due to the non-transfer of 136 properties. To date, not all of the properties have been transferred, and the USD100 million reduction represents the value of the outstanding properties. No timeline was stipulated for the USD700 million payment, however. The telco had agreed to purchase the stake back in 2006 for USD2.6 million, paying USD1.4 billion initially with the remainder to be paid off in subsequent years.

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