RSS
Etisalat to pay $800 million for PTCL
Etisalat set to pay $800 million of outstanding payment for PTCL stake.
Etisalat is expected to pay PTCL $800 million by the end of March.
(ITP Images)
The UAE's incumbent telco Etisalat is set to make a payment of $800 million to Pakistani authorities by the end of March, in relation to an agreement the operator signed in 2006 to buy a 26% stake in Pakistan Telecommunication Co (PTCL), according to a report from Reuters.
Despite signing a deal to purchase a stake in PTCL for $2.6 billion back in 2006, Etisalat has so far paid only $1.4 billion, apparently owing to complications regarding the transfer of 3,000 real estate units.
According to the original agreement, Pakistan's government agreed to transfer the properties before Etisalat made the full payment, according to Reuters.
It is unclear whether Etisalat is expected to pay a further $400 million sum, which will be outstanding following the upcoming $800 million payment.
Etisalat is keen to make further inroads in Pakistan's mobile and broadband sector, where it faces increasing competition from other Middle East players including Qtel, which owns broadband player Wi-Tribe, and Abu Dhabi Group-backed mobile player Warid.
PTCL is currently Pakistan's third-largest mobile operator behind Mobilink, which is backed by Egypt's Orascom, and number-two player Telenor Pakistan, a subsidiary of Norway's Telenor Group.
Abdul Saboor
PTCL - Level of Excellence or a Crime I had applied (online) for PTCL connection in July 2009 – this was really a blunder from me. No response received for 2-3 months. On my follow up, connection was refused due to technical problems. PTCL, instead, offered me Vfone connection (probably in October 2009) which I declined. Later, all of sudden, PTCL started sending me monthly bills (Nov 2009). On receipt of 1st bill, complaint was immediately lodged on 080080800, 1236 and 1218 On receipt of 2nd bill, complaint was again registered on all numbers given on the bill and available on PTCL website. I also tried to contact the Divisional Engineer, Sr. Operation Engineer and RGM but all in vain. On receipt of 3rd bill, the complaint process was repeated and it was also lodged with PTA. After a week, a call was received from an Islamabad number (PTCL); assuring me that billing would be stopped immediately. However, the next month, bill (4th) was again received. The complaint was again registered. Then, as per matter of routine, the 5th monthly bill was received (without any connection). This time the bill was received with a threatening letter/ notice; what a criminal and condemnable act it was. In reply, I again emailed to PTCL & PTA condemning the irresponsible attitude and poor management of PTCL. I made it clear that I reserve all the rights in the world to defend myself by all means. I also declared that in case of any mishap, the PTCL management would be fully responsible. Soon, thereafter, Mr. Khalil Ahmed Dharpali (Business Manager Ops KIA Division STR-II Karachi), first contact me over my cell number and then visited my residence (on 17th April 2010) and assured me that all extra charges would be waived off and connection would be given immediately. On this commitment I allowed for connection, which was another blunder from me. The line was soon installed but without any service/ calling facility. I again started complaining. Then, they again advised me to pay the bill first to have calling facility. Anyhow, the bill was paid. Meanwhile, the next monthly bill was received which was also paid But infuriately the telephone service is still unavailable on my number It has now become a daily exercise for me to register a complain for restoring telephone service on my number but all in vain Since November 2009, I am suffering from such a poor, miserable and criminal behavior of PTCL PTA has also proved to be a helpless & useless institution having totally failed to take appropriate measures to regulate the PTCL and save customers from such big embarrassments and humiliations Shame on PTCL, Etisalat and PTA