Government of Pakistan
Privatisation Commission

PC BOARD DISCUSSES VALUATION EXERCISE
BY FINANCIAL ADVISOR OF PTCL

Islamabad, June 17, 2005

A meeting of the Board of the Privatisation Commission was held today under the chairmanship of Minister for Privatisation & Investment, Dr. Abdul Hafeez Shaikh, which was also attended by Mr. Awais Leghari, Minister for IT & Telecom, to review and discuss the valuation exercise carried out by Financial Advisory Consortium (FAC), which includes Goldman Sachs, JPMorgan, Analysys and Global securities. The FAC has prepared a detailed financial model for PTCL, which incorporates input from the PTCL and PTML managements.

The meeting reviewed and discussed the methodologies used to carry out the valuation exercise.

The bidding for 26% B class shares in PTCL along with transfer of management control is scheduled for 18 June 2005. Three pre-qualified bidders namely Etisalat (United Arab Emirates), China Mobile (China) and Singtel (Singapore) have already deposited the earnest money of US$ 40 million each with the Privatisation Commission as of June 16, 2005. Following this deposit, these bidders are now eligible to participate in the bidding for PTCL to be held on June 18, 2005.

Members of the Board of the Privatisation Commission, senior officials of the Ministry of IT & Telecom, Finance Division, Privatisation Commission, PTCL, PTML and representatives of the FAC attended the meeting.

 Source: http://www.privatisation.gov.pk/Handout/HO-AR-05/June-05/HO-1762005PC%20Board%20Discusses%20Valuation%20Exercise%20by%20
Financial%20Advisor%20of%20PTCLhandout.htm