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Etisalat's 26% due to Pakistan Telecom sees delay

27 March 2010

The fifth payment by Etisalat to the Pakistani government for the acquisition of a 26% in Pakistan Telecom (PTCL), due at the end of this month, will likely be withheld as a dispute over the transfer of properties to PTCL remains unresolved, Gulf News has reported. Etisalat is withholding $799m worth of payments to the Pakistani government until properties originally part of the company's 2006 acquisition in PTCL are registered in PTCL's name. "Until now, the government [of Pakistan] has not released a list of properties to be converted [to PTCL ownership]," Mohammad Omran, chairman of Etisalat told the newspaper. "When the list is released, the money will be paid."

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