Waqar Urges Earliest Resolution of Issues with Etisalat

Senator Waqar Ahmed Khan, Federal Minister for Privatization seeks for an amicable resolution of outstanding issues with Etisalat pertaining to the sale of 26 percent shares with management control of Pakistan Telecommunication Company Limited (PTCL).

The Minister said this in a letter addressed to Sheikh Nahayan Mabarak Al Nahyan, Chairman Dubai group UAE, which was handed over to UAE Envoy to Pakistan,lead by Ali Saif Sultan Al-Awani in a meeting in Islamabad.

The Minister while acknowledging the efforts of Sheikh Nahyan for resolving the outstanding amount hoped that all matters including issues pertaining to mutation of land in the name of PTCL and outstanding instalments due from Etisalat amounting to $800 million would now soon be materialised.

In the letter the Minister also expressed his gratitude for the continued support by the people and the government of UAE to overcome the natural disaster being faced by the people of Pakistan, which would take long time to rebuild and restore life in the devastated areas.

Senator Waqar informed the envoy that the floods have displaced more than 20 million people. Tents were the basic item for immediate relief after the rescue operation, which were still required across the country by the flood victims, he added.

The UAE Envoy to Pakistan Ali Saif Sultan Al-Awani informed the Minister that UAE has engaged three (3) Chinook helicopters in the effected areas for rescue and relief operation while tents, food items and medicines were being distributed by UAE’s Red Crescent, Khaleej Foundation and other organisations. We were doing it for our brothers in need and this process would be further increased in the days to come.

  • I though Abu Dhabi group owns Warid, Wateen, Bank Alfalah, CNBC, some shares in UBL but doesnt own Etisalat. What Abu Dhabi group has to do with Etisalat?

  • If this huge sum of money $800 million was given to Pakistan on time, how much this could have benefitted the country. Even if this balance purchase price is given now (which Eti-salt is in no mood to give) with interest payments (because of delay), that would really help in meeting the real needs of flood ravaged Pakistanis.

    Every Quarter Eti-salt keeps taking out of Pakistan profits earned PTCL without fully paying the purchase price for 26% shares. Forget the cliché of “Brothers” – let’s look at which country is helping Pakistan the most. Then we should have the ethics to admit “a friend in need is a friend indeed”.

  • Abudhabi group has nothing to do with etisalat
    & the sheikh dose’nt have any portfolio in Etisalat. he is the minister of higher education of UAE

  • The lesson Pakistan should learn from this privatisation is not to beg a defaulting bidder.

    PTCL was not the only company where Etislat’s bid was much above other parties. We begged them and offered them discounts that were dubiously structured and resulted in more than 50% value reduction if discount rate for Etisalat was to be used instead of GoP’s by the Privatisation advisor, Citibank.

    Dr. hafiz Sheikh traveled to UAE several times to save Pakistan from the embarassment of Etisalat’s decision to back out. It would have been a much better decision to confiscate the bid security and offering PTCL to a company that knew who to run a business in a competitive environment ie. Singtel.

    Etisalat has no commitment to PTCL’s business and is more keen on selling/developing the real estate owned by PTCL and this defies the much more important purpose of privatisation to improve efficiency and tap the growth markets of the core business effectively. The real estate development is not why we prvatised PTCL or did we?

    Etisalat not only gets 26% of profits but is also allowed a management fee in billions of rupees where idiots from etisalat who have no knowledge of business dynamics of Pakistan are sent as advisory team members. The cost of these morons is not much but the drain in the form of management fee goes directly to etisalat.

    The managerial skills of Etislat are questionable as they are nothing less than slave masters when it comes to employees and are being rightly resisted by the protesting regular employees.

  • Bad, Bad, Bad for the Country. The death nail in the coffin of this national telecom asset was hammered when 26% shares were sold to Arabs. It should be recognized that historically Arabs know only how to keep slaves including child slaves for camel race. They Arabs have never been good management and good employers. The Arabs do not know how to build companies and create products and services. They are only glorified building contractors and that also because of petro dollars.

    Corrupt Pakistani politicians and bureaucrats sold 26% PTCL for their own benefits and they are continuing with the PTCL sale and trying to get more bribe money out of Arabs. The Arabs know the price of Pakistani bureaucrats and politicians. Therefore, Arabs are running PTCL, without regards to the national laws of Pakistan. Arabs are running PTCL as an Emperor would run a sheikhdom, where employees get any raise or benefits only when Emperor feels like giving it to them. The Pakistani senior management in PTCL is most unfortunate. They are busy collecting their own benefits instead of taking good care of customers through taking good care of employee and building good employee/management relations leading a strong national telecommunication company.

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