Government of Pakistan
Privatization Commission

 Islamabad,

May 25, 2005

 HPTCL PRIVATIZATION PROCESS BEING COMPLETED TIMELY
- Hafeez Shaikh addresses Investors Forum  

The privatisation process of Pakistan Telecommunication Company Limited (PTCL) is being completed timely. Dr. Abdul Hafeez Shaikh Federal Minister  for Privatisation & Investment stated this while addressing Investors Forum here today.

He said that it was the government's endeavor to complete the process in a most transparent manner as per schedule and up to the satisfaction of all stakeholders including the prospective bidders, consumers and the workers.

The Privatisation Commission held an Investors Forum to respond to the queries of the potential bidders and to inform them about the bidding process for acquiring 26 % shares of Pakistan Telecommunication Company Limited (PTCL) with management control as a wholly integrated telecom operator here today. Pakistan Telecommunication Company Limited (PTCL).

The meeting was participated by the well prepared authorized representatives of eight pre- qualified potential bidders who have completed due diligence of the transaction in the data room. Mr. M. Tahsin Khan Iqbal, Secretary Privatisation Commission, PTCL management and the Financial Advisor responded to the inquiries made by the participants in a detailed Question & Answer session.

Later, replying to a group of media men, Mr. M. Tahsin Khan Iqbal Secretary Privatisation Commission said that the employees enjoyed the right to protest, however, it would not affect the process.

PTCL is the leading provider of basic telephone services to the private sector in Pakistan with over 4.4 million telephone lines in service. Besides providing fixed line and ancillary services, PTCL owns Pakistan Telecommunication Mobile Limited, one of five GSM cellular providers in Pakistan and Paknet a countrywide Internet service provider. Its strong  financial position demonstrated during FY 2004 excluding subsidiaries as per unconsolidated financials of PTCL indicates: Revenue PKR 74,124 million, Operating profit: PKR: 41938 million, Net Profit after Tax: PKR:29,169 million, Total Assets: PKR: 141,595 million, Total Equity: PKR: 83,600 million, with a network of installed 5.27 million lines and 4.43 million access lines in service.

 Source:  http://www.privatisation.gov.pk/Handout/HO-AR-05/May-05/Handout%20Mayl%202005.htm