Three foreign companies put down money for Pakistan telecom company

0 Comments | AFP, June, 2005

KARACHI (AFP) — Three foreign companies including Singaporean giant SingTel have each deposited 40 million dollars with privatisation authorities to make final bids for Pakistan's biggest telecom firm Pakistan Telecommunication Co. Ltd. (PTCL).

Etisalat from the United Arab Emirates and China Mobile joined Singtel in putting down the cash ahead of Saturday's bidding for a 26 percent stake in state-run PTCL.

"These three bidders are now eligible to participate in the bidding for PTCL to be held on June 18," said a statement from Pakistan's Privatisation Commission, which is handling the sale.

The bidding is going ahead as scheduled despite an earlier stand off with 55,000 striking workers opposed to privatisation, which prompted the government to briefly...