The United Arab Emirates and Pakistan are expected to soon close the dispute between Etisalat and Pakistan Telecommunication Company Limited (PTCL) over a US$2.6bn deal in 2006, according to the Khaleej Times.
Six years ago, UAE-based Etisalat agreed to…
The United Arab Emirates and Pakistan are expected to soon close the dispute between Etisalat and Pakistan Telecommunication Company Limited (PTCL) over a US$2.6bn deal in 2006, according to the Khaleej Times.
Six years ago, UAE-based Etisalat agreed to buy a 26% stake in PTCL for US$2.6bn, but so far only US$1.8bn has been transferred.
Etisalat reportedly claimed that it will only pay the remaining amount when some properties are transferred by Pakistan’s government to PTCL. There are also disagreements between the two countries regarding the market price of those properties.
Mirza Ikhtiar Baig, chairman of the Pak-UAE Business Council was quoted telling Khaleej Times that a mechanism to settle the dispute between the two countries has been agreed and that the remaining payment will be finalised within the next few weeks.
A settlement of the issue had been expected much earlier already. In early 2010 reports had claimed that PTCL was expecting the payment by March 2010.
