Etisalat to hold talks with Pakistan over outstanding PTCL dues

ISLAMABAD: A delegation of Dubai-based Etisalat is expected to visit Pakistan this month to re-initiate talks to resolve $799 million outstanding dues against the company on account of privatisation of Pakistan Telecommunication Company Limited (PTCL).

According to the officials of the Privatization Commission the deadlock with the company about outstanding dues on account of PTCL privatization have been ended and the two sides would try to find out a middle path for resolution of the matter.

A delegation of Etisalat is expected to visit this month for talks over the pending dues.

An official of the Privatization Commission has said under an agreement in year 2006, the Etisalat bought 26 percent of PTCL in $2.60 billion, the company had paid $1.8 billion to the government while remaining $799 million outstanding pending dues have not been paid so far.

A delegation of Etisalat had recently met Prime Minister Imran Khan and shown its eagerness to complete the deal, the official said. Another meeting with the Etisalat officials is due later this month, he added.

The Etisalat stopped the remaining payment after Pakistan failed to transfer all PTCL properties mentioned in the agreement, the official added.

It is to mention here that the Secretary Privatization Commission had recently briefed Senate Standing Committee on Information Technology and Telecommunications about the development to break the deadlock over the issue of PTCL arrears with Etisalat.