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Government of
Pakistan
Privatisation Commission
ALL SET FOR
PTCL BIDDING ON JUNE 18, 2005
Islamabad, June 13, 2005
The Privatisation Commission is holding the
bidding of Pakistan Telecommunication Company Limited (PTCL) for acquiring 26%
shares of Pakistan Telecommunication Company Limited (PTCL), by a strategic
investor, with management control as a wholly integrated telecom operator on
June 18, 2005 (Saturday). An Investors Forum was held on May 25, 2005 to respond
to the queries of the potential bidders and to inform them about the bidding
process.
The pre-qualified bidders have already completed the due diligence process of
the company in the data room. The potential bidders will deposit an amount of
Rs.40 million as earnest money latest by June 16, 2005 evening, to become
eligible for participating in the bidding process. The bidding will be held in
the presence of the respective representatives of the print and the electronic
media.
The pre-qualified parties include SingTel (Singapore), Etisalat (UAE), Telekom
Malaysia (Malaysia), Mobile Telecommunication Company (Kuwait), Saudi Oger Ltd
(Saudi Arabia), Saudi Telecom Company (Saudi Arabia), Turkcell (Turkey), China
Mobile Communication Corporation (China) while Consortium of Al-Mal Limited
(Egypt) and Detecon (Germany) has been conditionally pre-qualified.
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.
The independent regulator, Pakistan Telecommunication Authority (PTA), has
liberalized and deregulated the sector to facilitate an expected increase in
competition subsequent to the sale of various telecom licenses. A consortium
consisting of JP Morgan and Goldman Sachs International is advising Government
of Pakistan on the privatisation of PTCL. The cabinet has already given its
approval for sale of PTCL as integrated entity in August 2000. The government
has 88 % shares of Company and after the sale of 26 % shares the government
would retain 62 % shares in the company.
Source:
http://www.privatisation.gov.pk/Handout/HO-AR-05/June-05/HO-1362005All%20Set%20for%20PTCL%20Bidding%20on%20June%2018,%202005handout.htm |