Saudi-Telecom to take over PTCL for $4 BILLION

[outlaw]

A major investment in the telecom sector of Pakistan by Saudi-Arabia. The Saudi-Telecom has struck a deal to take over PTCL after paying a hefty sum of $4 billion by the end of this year. The deal was concluded under the supervision of Goldman Sachs. This major investment will act as a catalyst in bringing much needed foreign exchange and jump starting the economy. It will also bring credibility to the government's efforts towards privatisation.

A laudable move on behalf of Saudis for commencing a trend which will create stronger economical ties amongst muslims. Congrat to both Governments for their efforts!!




[This message has been edited by outlaw (edited October 15, 2000).]

[Malik73]

Woh thats spectacular news for Pakistan Outlaw! And it shows that Pakistan is certainly investor-friendly despit what all the doomsayers say.Has it been made official by the government yet?

[outlaw]

Well, I don't think Government has made it official, although the deal has already been sealed. It wasn't done through an open bidding process. There were at least two other consortiums vigrously pursuing the jewel of Pakistani enterprise. One was from Egypt and the other one was Austrailian. In the end, the Government of Pakistan went ahead with Saudi-Telecom's lucrative offer.

We'll see more and more state owned entities being privitised in the coming months. Especially, in the robust energy sector. The ones which top the list are SNGL, SSGL, and PSO.

[This message has been edited by outlaw (edited October 15, 2000).]

[prince_x]

Really! I'm here in Saudi.

I would really like to know more abiut this can you please tell me where you heard this!

By the wya, I'm here in Saudi and ever since the privatisation of STC, the service has improved a lot. But they do do a lousy job on the internet lines. Maybe it's because of the government.

AOA.


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Allah knows best...

[CM]

This is damn good news.
I hope more arab countries filthy rich with money invest in Pakistan, so that we can get our economy on once again.
So far in the quarter we have a REAL grouth rate of 4.0!!!!!!

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CROIRE A L'INCROYABLE

[NYAhmadiX]

LaHol Wala Quwata Ila Billa!

Will we have Operators speak Arabic? Man, my Arabic is not good.

Hada Muskhil Kabeera Ya Shieka!