InfoAnda - RPT-Etisalat to pay Pakistan for telco firm stk-report

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World RPT-Etisalat to pay Pakistan for telco firm stk-report Reuters - 52 minutes ago Send IM Story Print DUBAI, Dec 30 - UAE's Etisalat <ETEL.AD> is committed to paying $1.2 billion to the Pakistani government as part of its 2006 stake purchase in Pakistan Telecommunication Co <PTCA.KA>, an Arabic-language daily said on Wednesday. Etisalat said it signed an agreement in 2006 for the purchase of 26 percent of the company's shares and for the right to manage the telecom operator. Al Bayan newspaper said Etisalat denied the deal was cancelled and said talks were ongoing with the Pakistani government to pay the remaining amount, citing a source familiar with the matter. An amount of $1.4 billion, in a deal valued at $2.6 billion, has been paid, the paper said, citing an Etisalat statement. "The remaining amount of $1.2 billion will be paid in installments over a period of four years and a half, on the condition that some obligations to Etisalat are met by the Pakistan side," the paper said. The report did not provide further details on what the obligations entailed. Etisalat, the Arab world's second biggest telecoms firm, has faced increased competition in its home market after its monopoly was broken in 2007 by Dubai-based du <DU.DU>. Etisalat, operating in 18 countries, including Egypt and India, is one of a number of Gulf Arab telecom operators that have expanded overseas after losing their monopolies at home. Recommend Send IM Story Print Related Articles JAL shares dive to record low on bankruptcy fears AP - 55 minutes ago Turkey - Factors to Watch on Dec 30 Reuters - 1 hour 1 minute ago Japan sets long-term economic goals, meets skepticism Reuters - 1 hour 4 minutes ago India finance panel submits report on tax sharing Reuters - 1 hour 14 minutes ago China targets 17 pct M2 growth for 2010 -regulator Reuters - 1 hour 16 minutes ago News Search Top Stories Picasso painted little guitar found in Italian shoe box: reports Lockheed to sell 24 F-16 fighter jets to Egypt Fewer deaths in 2009 disasters: German re-insurer US consumer confidence edges higher in December London, Frankfurt stock markets hit 2009 peaks More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended China executes British national despite pleas Obama: 'We will not rest' until air terror plotters caught Dutch hero 'reacted on a bang' to subdue suspect Van der Sar granted leave after wife collapses Swiss bank secrecy emerges from 2009 with holes More Most Viewed » Tiger's wife Elin seeking divorce: reports British priest defends urging people to shoplift Century-old butter found in Scott's Antarctic hut Brazilian confesses to sticking needles into two-year-old Tiger Woods' girlfriend apologizes in TV interview More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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