Thursday, December 31, 2009

Pakistan - Etisalat to pay government for telco stake

[ame] Etisalat has denied the cancellation of its stake purchase in Pakistan Telecommunication Co, and said it is committed to paying $1.2bn to the Pakistani government, Al Bayan newspaper has reported. Etisalat had signed a $2.6bn agreement, of which $1.4bn was paid, in 2006 for the purchase of 26% of the company's shares and for the right to manage the telecom operator. 'The remaining amount of $1.2bn will be paid in installments over a period of four years and a half, on the condition that some obligations to Etisalat are met by the Pakistan side,' the firm said in statement cited by the paper.

Etisalat to pay Pakistan for telco stake

No comments: