Etisalat's Chairman Mohammed Omran has said that it has the right to withhold payments to Pakistan for failure to transfer some properties under a $2.6bn deal to acquire a stake in Pakistan Telecommunication Co, Bloomberg has reported. The company said its board of directors had obtained a legal opinion from international and external counsel that all steps for the sale of the asset had been followed and the acquisition was legally valid under Pakistani law. "Under the agreed terms of the transaction, Etisalat is entitled to withhold payments until the property titles were transferred to PTCL," Omran said.
You might also like...
Saudi Arabia's Roshn launches Aldanah Dhahran project
25 April 2024
Adnoc sees project spending uptick
25 April 2024
Partanna and Saudi firm tests carbon negative concrete
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.