PTCL management facing tough time to recover $800 million from Etisalat


The IT & Telecom Minister and PTCL management have left no stone upturned to recover pending $ 800 million from Etisalat but there are no chances for its recovery yet.

Etisalat has already paid $ 1.8 billion out of $2.6 billion for its 26 % share in PTCL.

Etisalat is demanding the ownership of properties that were promised at the time of privatization by the government. 131 out of 3,248 properties are still left to be transferred to the telecom operator. The value of theses remaining properties are not very important for PTCL but it is the biggest hurdle in the way for the government to get its $800 million back.

Federal Minister of Finance, Ishaq Dar, has also complained about escalating grey calls in Pakistan several times.

Despite the presence of International Clearing House (ICH), the number of grey calls traffic is mounting every day.

PTCL is optimistic to get a major profit in second quarter revenues. It recorded a Rs. 3.3 billion profit in first quarter of 2013 and it is hopeful to get increased by 15% up to Rs. 3.8 billion.