Commenting on media reports attributed to the Government of Pakistan’s Federal Minister of Privatisation: Senator Waqar Ahmed Khan, The Chairman and Managing Director of Emirates Telecommunication Corporation – Etisalat: Mr Mohammad Omran recalled that Etisalat’s investment in PTCL came in the wake of a welcome invitation and encouragement by the Government of Pakistan to participate in the privatization process, which the Corporation was pleased to accept given the special and brotherly relations between the UAE and Pakistan. He said that in addition to financial valuation and other formal commercial considerations, the governance and strict procurement rules of Etisalat (the Corporation being a listed entity in the UAE, 60% of which is owned by the Federal Government of UAE) required that before approving an acquisition of an asset, its Board of Directors obtained a legal opinion from International and country National external counsel which confirmed in no ambiguous terms that the requisite steps for the sale of that asset had been followed and that the acquisition is legally valid under the laws of the relevant country.

He stressed that as a UAE public corporation and one of the largest listed entities in the country in addition to its status as a leading regional Telecom operator, Etisalat applies the highest standards of transparency in conducting its business operations and International expansion strategy and a mission to add value wherever its reach took it.

Alluding to the above press reports, Mr Omran pointed out that the commercial agreements with the Government of Pakistan call for the transfer of the properties in question to PTCL and not to Etisalat. Mr Omran added that when the properties are transferred to PTCL, the Government of Pakistan, being the 62% shareholder of PTCL, will be the single largest beneficiary.

Referring to the withholding of instalment payments, the Chairman and Managing Director of Etisalat added that under the agreed terms of the transaction, Etisalat is entitled to withhold payments until the property titles were transferred to PTCL. “Our aim is to ensure that PTCL receives clean title to and possession of all properties,” said Mr. Omran. He added, “We are confident that when the Privatisation Commission fulfils this obligation, Etisalat will immediately release the instalments.”

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