Etisalat shortlisted to bid in Pakistan

Pakistan plans to call for bids from international telecom firms on June 10 for a 26 per cent controlling stake in Pakistan Telecommunication Co Ltd.

Eight international telecom firms, including UAE-based Emirates Telecommunication Corporation (Etisalat), are shortlisted to bid for PTCL, and have been invited to a pre-bidding conference on May 25, said Aamir Qawi, a consultant at the Privatisation Commission overseeing PTCL's sale.

Analysts say the winning bidder is likely to have to pay way over the market value, as it is a controlling stake. Based on yesterday's close on the Karachi Stock Exchange, a 26 per cent stake is worth around $1.5 billion (Dh5.52 billion).

"If the sale finally goes through it would be the largest transaction in Pakistan's history," said Mohammad Sohail, director research at Jahangir Siddiqui Capital Market.

Apart from Etisalat, the shortlisted firms include Singapore Telecommunications Ltd, China Mobile, Telekom Malaysia Bhd, Kuwait's Telecommunications Co, Saudi Oger Limited, Saudi Telecom and Turkcell.