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PTCL staff to receive 10pc stake

Privatisation and Investment Minister Abdul Hafeez Sheikh told a news conference that the winner will have to offer 133 million, or 10 per cent, of the 1.33 billion shares being sold, to PTCL employees at a discounted rate.

Eight international telecom firms are shortlisted to bid for the stake in PTCL, valued at around $1.5 billion based on Friday’s Karachi Stock Exchange closing price of 69.35 rupees.

The government, which currently holds 88 per cent of PTCL, had planned to hold the bidding on June 10, but decided to postpone after employees protested against the privatisation.

“The privatisation process is very important for the development of the country and that’s why we are announcing a new date,” Sheikh told a news conference.

The shortlisted firms include Singapore Telecommunications Ltd, China Mobile, Telekom Malaysia Bhd, Kuwait’s Telecommunications Co, Saudi Oger Limited, Saudi Telecom, Emirates Telecommunication Corporation of the UAE and Turkcell.

PTCL, which had 4.9 million fixed lines in service in December, has been earmarked for sale for years, but a downturn in the global telecommunications sector and past political instability and violence led to delays.