Sale of Pakistan Telecom finally a done deal

Five years after first announcing the transaction, the Pakistan government finally sells a strategic stake in its leading telco.
The Pakistan government finally announced the sale of a 26% equity stake and management control in Pakistan Telcommunications Company Limited PTCL on Sunday March 12. The stake has been sold to UAE's Etisalat also known as Emirates Telecommunications Corporation, which currently operates in UAE, Saudi Arabia and the Sudan.

Goldman Sachs and JPMorgan advised the government on the sale, which has been ongoing since June 2001. The government will continue to hold 62% and retail investors the remaining 12%.

Etisalat first won PTCL through an auction in June 2005. However, it has been subject to a series of delays since then.

Having paid a first instalment of $260 million, Etisalat...

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