Business Recorder understands that Warid Telecom on Tuesday agreed to deposit 25 percent of the bid amount for a mobile licence within 10 working days from April 27 and make a further deposit of another 25 percent within 40 days thereof, in response to Pakistan Telecommunication Authority offer following the default by Space Telecom on its obligation to meet the schedule for its bid of $ 291 million.
Along with Telenor Company of Norway, Space Telecom had been declared as the successful bidder in an auction on April 14.
Upon receipt of $ 146 million, PTA will issue Warid the mobile telecom licence. The balance amount of $ 146 million will be payable in 10 equal instalments in 10 years.
The first instalment of $ 14.6 million, however, is payable in equivalent Pak rupees at the prevailing parity.
Warid Telecom and Telenor Mobile Company upon receipt of mobile licences would join the other four licence holders competing business. They are Mobilink, Ufone, Paktel and Instaphone.
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