Etisalat Wins Bidding For Pakistan Telecom (WSJ)
Emirates Telecommunications Corp., bid $2.6 billion for a 26% management stake in Pakistan Telecommunication Co. in Pakistan's largest privatization deal ever.
WSJ reported that analysts were as surprised by the size of Etisalat's bid, which was almost double the reserve price fixed by the Pakistani government, as they were by the laggard bid submitted by SingTel, widely seen as the front-runner before the sale.
Last year, Pakistan received $1 billion in foreign investment. This year, the government expects to garner $5 billion to $8 billion through privatizations alone which should reduce government's fiscal deficit and enhance foriegn exchange reserves.
WSJ reported that analysts were as surprised by the size of Etisalat's bid, which was almost double the reserve price fixed by the Pakistani government, as they were by the laggard bid submitted by SingTel, widely seen as the front-runner before the sale.
Last year, Pakistan received $1 billion in foreign investment. This year, the government expects to garner $5 billion to $8 billion through privatizations alone which should reduce government's fiscal deficit and enhance foriegn exchange reserves.
posted by Double M at 12:38 PM
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