ISLAMABAD, June 13: The Privatization Commission (PC) is holding bidding for the sale of 26 per cent shares of PTCL plus management control on June 18. According to a PC statement issued here on Monday, an investors’ forum was held on May 25 to respond to the queries of the potential bidders and to inform them about the bidding process.

It said the pre-qualified bidders had already completed their due diligence process of the company. The potential bidders had been asked to deposit Rs40 million as earnest money latest by Thursday evening (June 16) to become eligible for participating in the bidding process.

The statement said that the bidding would be held in the presence of the respective representatives of the print and the electronic media.

The pre-qualified parties include: SingTel (Singapore), Etisalat (UAE), Telekom Malaysia (Malaysia), Mobile Telecommunication Company (Kuwait), Saudi Oger Ltd (Saudi Arabia), Saudi Telecom Company (Saudi Arabia), Turkcell (Turkey), China Mobile Communication Corporation (China), while Consortium of Al-Mal Limited (Egypt) and Detecon (Germany) has been conditionally pre-qualified.

A consortium consisting of JP Morgan and Goldman Sachs International is advising the Government of Pakistan on the privatisation of PTCL, it said. The government has 88pc shares of the company and after the sale of 26pc the government would retain 62pc shares in the company.