LAHORE, Aug 26: The process of taking over the PTCL management by a UAE company is likely to be delayed further, it is learnt.

Sources told Dawn on Friday that the government had yet to finalize modalities of the transfer of the PTCL management to the UAE company. They said the government could not finalize modalities as it remained busy in local polls.

The UAE company, after succeeding in the bid in June this year, was supposed to take over the management by Aug 18. However, it was first postponed on Aug 24. Now the company will take over the management in the first week of September.

The sources said the PTCL board of directors had yet to be dissolved which was earlier scheduled for the first week of August.

They said the new nine-member BoGs had already been proposed which would replace the existing 15-member one. Five directors would be from the UAE company and four would be nominated by the government. The latter would be the nominees of the ministries of information and technology and telecommunication.

Some PTCL officials complained the existing management had ceased the office expenditure. They said the delay in the process had also created a stir among the employees who were expecting a raise and other incentives from the new management.

Some 26 per cent shares of the PTCL have been sold out to the UAE company. Besides this, the company has been given the 58 per cent voting rights in the board of directors, and it would be getting 26 per cent of pure profit from the organization.