ISLAMABAD, April 5: The Privatization Commission has offered 53 per cent shares held by Pakistan Telecommunication Company Limited (PTCL) in Carrier Telephone Industries (CTI) for sale to a qualified investor as "a going concern" basis with management control.

According to a handout issued here on Monday the prospective investors have been asked to submit their Expressions of Interest latest by April 30, 2004, including the information regarding experience in the Telecom manufacturing sector, corporate sector identifying principal areas of business, audited financial statements for the preceding three years and the details of the ownership structure.

The legal status of the capital structure is: PTCL, 8,016 ordinary shares of Rs1,000 each and Siemens AG, Germany, 7,251, 5 per cent cumulative preference shares of Rs1,000 each.

As per terms of the Articles of Association of CTI Siemens' concurrence is required for the sale of PTCL shares in CTI to a competitor (competitor being any person of company) who either as principal, or agent in electrical plant and apparatus of all types, including but without prejudice to the generally of the foregoing, long distance telecommunication equipment and electrical component and competes in any such fields with Siemens.

CTI's principal business is manufacturing of transmission equipment for telecommunication services and equipped with the state-of-the-art machinery, which include Digital Microwave Radio, Mux for Optical Fibre, Rural Digital Branch Exchange, Single Channel VHF Radio. CTI is located at Industrial Area Sector: I-9/2, Islamabad.