A meeting of the Board of Privatisation Commission was held on Friday under the chairmanship of Minister for Privatisation & Investment Dr Abdul Hafeez Shaikh and was attended by Awais Leghari, Minister for IT & Telecom, to review and discuss the valuation exercise carried out by Financial Advisory Consortium (FAC), which included Goldman Sachs, J.P. Morgan, Analysis 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 percent 'B' class shares in PTCL, along with transfer of management control, is scheduled for June 18, 2005.
Three pre-qualified bidders, namely Etisalat (United Arab Emirates), China Mobile (China), and Singtel (Singapore) have already deposited with the Privatisation Commission the earnest money of $40 million each 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 Privatisation Commission, senior officials of the Ministry of IT & Telecom, Finance Division, Privatisation Commission, PTCL, PTML and representatives of the FAC attended the meeting.-PR