The UAE-based Etisalat, which made the highest bid for 26 percent shares of Pakistan Telecommunication Company Limited (PTCL), will soon announce an expansion plan for it, and take several measures to improve the telecom sector in Pakistan.
"The joint leadership of both companies will work together on existing and future plans to meet our customers' telecom requirements as a priority, and will leverage each other's market knowledge to achieve this goal", said Etisalat CEO Obaid Bin Meshar on Thursday.
He was speaking at the signing ceremony of an agreement with the Privatisation Commission (PC) for the purchase of 1.326 billion shares with PTCL management control at $2.6 billion.
Obaid Bin Meshar and PC Secretary Tehseen Khan signed the agreement on behalf of Etisalat and the Government of Pakistan respectively. Privatisation and Investment Minister Dr Abdul Hafeez Sheikh also witnessed the signing of the agreement.
The Etisalat CEO said: "We have a bright future in Pakistan, and Etisalat together with PTCL intends to help in shaping future of Pakistan and through signing of agreement we turned an important page in the history.
Commending the management and employees of PTCL and Etisalat, he hoped that synergy between two countries would not only benefit the two entities, but more importantly would benefit the people of Pakistan and UAE.
About signing of agreement, Meshar said that it reaffirmed the company's long-term commitment towards the project.
Praising the Government of Pakistan, he lauded the efforts of the government for transparent privatisation process and creating a business-friendly environment.
Dr Abdul Hafeez Sheikh speaking on the occasion termed the agreement 'important' as it would lay the foundation of a new era in the telecom sector of the country.
He was of the view that PTCL's transaction is a door opener for the country and also for the investors in UAE. He said the commitment of Etisalat would not only improve the image of the country but also convince overseas investors to park their funds in our markets owing to transparent privatisation and investment policies.
"It will open a new era in country's telecom sector as quality investors like Etisalat would improve the services of PTCL, and our local citizens will be enriched by high quality (services)", he added.
The minister observed that this transaction would also cement the already strong strategic relations between Pakistan and UAE, and hoped that PTCL-Etisalat blend would push up the telecom sector of the country to further heights.
Members of Etisalat, officials of PC and Advisor JP Morgan were also present on this occasion.