PAKISTAN: PTC profits cheer privatisation efforts

14 April 1995

Pakistan Telecommunications Corporation has announced a 13 per cent increase in net profits for the year ending June 1994 to

Rs 16,024 million ($519.4 million).

The improved profits will hearten government advisers in charge of the privatisation of PTC, for which three financial advisers have been short- listed.

Total revenues rose by 9 per cent to Rs 26,365 million ($855 million) in 1993-94. This includes a 26 per cent increase in foreign exchange revenue, which rose to Rs 10,423 million ($337.9 million).

Three advisers have been short-listed to assist with PTC's privatisation out of a total of 25 bidders. They are Morgan Grenfell, Morgan Stanley and Goldman Sachs. The successful candidate will help structure the second phase of PTC's privatisation, which entails the sale of a 26 per cent of the government's shares in PTC and transferral of management control to a strategic investor.

A MEED Subscription...

Subscribe or upgrade your current 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.

Get Notifications