Govt Might Sell It’s Remaining Share in PTCL

remaining share

The agenda of the government is apparently focused on the privatization of its organization, as it is possibly going to sell it’s remaining share in Pakistan Telecommunication Company Limited (PTCL) as per the reports of Business Recorder on Saturday.

This step comes as part of the decision of the government to privatize the Telephone Industries of Pakistan (TIP) and PTCL.

The standing committee of the National Assembly on privatization conducted a meeting with the chair—Syed Mustafa Mahmood and led by the federal minister for finance—Dr Asad Umar.

The committee was told that the government has taken the decision to privatize 49 organizations within the span of next 5 years involving 2 phases.

While giving a briefing to the participants of the meetings, the finance minister has instructed the Ministry of IT and Telecom to give suggestions on what should be done with the remaining shares of PTCL before the April of this year.

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Back in the year 2016, the only state-owned telecom corporation in the nation—PTCL, got owned by Etisalat Telecommunications—a multinational telecom services provider, when its initial controls were given to the firm along with 26percent of shares.

In the meantime, another chunk of 12percent shares was sold to the general public, decreasing the shares of the government to 62percent. This intensified the privatization program which happened during the span of Prime Minister—Shaukat Aziz.

As many other departments remained unsuccessful in convincing the committee of the cabinet on privatizations of other concerned organizations, its possible that the government might sell the remaining of its stake in PTCL for completely privatizing the firm. But the agenda of the government on the privatization of PTCL would be materialized in the next 5 years.

It is pertinent to mention that as per the Sale Purchase Agreement, Pakistan still awaits $800million outstanding dues on account of PTCL privatization, which is being held by Etisalat. The 26percent stake of PTCL was sold for a complete bid of $2.598billion.

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