ISLAMABAD, May 25: The privatization process of Pakistan Telecommunication Company Limited (PTCL) is being completed timely. This was stated by Dr Abdul Hafeez Shaikh, Minister for Privatization and Investment, while addressing an investment forum here on Wednesday, says a handout issued here.

The Privatization Commission held the investors’ forum to respond to the queries of the potential bidders and to inform them about the bidding process for acquiring 26 per cent shares of PTCL with management control as a wholly integrated telecom operator.

The meeting was participated by authorized representatives of eight pre-qualified bidders who have completed due diligence of the transaction in the data room. Tahsin Khan Iqbal, secretary, Privatization Commission, PTCL management and the financial adviser responded to the inquiries made by the participants in a detailed question-and-answer session.

Later talking to reporters, Mr Iqbal said that the PTCL employees enjoyed the right to protest, but it would not affect the process.

PTCL is a leading provider of basic telephone services to the private sector in Pakistan with over 4.4 million telephone lines in service. Besides providing fixed line and ancillary services, it owns Pakistan Telecommunication Mobile Limited, one of the five GSM cellular providers in Pakistan, and Paknet, a countrywide internet service provider.

Its strong financial position demonstrated during FY 2004, excluding subsidiaries as per unconsolidated financials of PTCL, indicates: Revenue Rs74,124 million; operating profit Rs41,938 million; net profit after tax Rs29,169 million; total assets Rs141,595 million; and total equity Rs83,600 million, with a network of installed 5.27 million lines and 4.43 million access lines in service.