The Pakistan government has asked UAE-based telecom group Emirates Telecommunications Corporation (Etisalat) to make a payment of $500 million for its acquisition of a majority stake in Pakistan Telecommunication Company Limited (PTCL)

The Pakistan government has asked UAE-based telecom group Emirates Telecommunications Corporation (Etisalat) to make a payment of $500 million for its acquisition of a majority stake in Pakistan Telecommunication Company Limited (PTCL). The Pakistan government expects to meet its fiscal deficit target for the current financial year (ending June 30, 2010) and is therefore, seeking this payment at the earliest. Etisalat has withheld payments worth $799 million till the relevant properties, which form a part of the 2006 acquisition deal, are registered in PTCL’s name.
As of March 2010, 118 of the 311 properties have been transferred to PTCL, while an additional 17 are under litigation.