KUALA LUMPUR, Jan 29: Malaysian telecom giant is set to complete its $100 million country-wide fibre optic project in Pakistan by October this year. Telekom Malaysia (TM), a company worth $1.4 billion, has found tremendous potential in Pakistan and is interested in buying the Pakistan Telecommunications Company (PTCL). It is also keen to buy Paktel, a cellular company which was recently bought by a Chinese company.

“We will complete our joint venture as “Multinet” in Pakistan by October this year,” said TM International chief executive Yousuf Annuar Yacob, who looks after international operations of the company.

Speaking at a press conference attended by media men from eight countries, he said the quantum of investment was around $80 to $100 million, which would be the largest fibre optic network in Pakistan.

Multinet is a licensed electronic information services (EIS) and data network operation services (DNOPS) provider in Pakistan. Its activities include local loop, LDI and other value-added services, such as DSL, broadband, gigabit metro area broadband, wireless broadband and allied services.

The TM International has investment in nine countries, including Pakistan, Sri Lanka, Bangladesh, Cambodia, Singapore, Indonesia, Thailand, India and Iran. In February 2005, it announced a joint venture fibre optic backbone project with Multinet. The deal concluded in April 2005.

“Cellphone is the fast growing sector in Pakistan and has enormous potential for investors,” said Telekom Malaysia group chief executive Mr Wahid.

Overseas investments of the company contribute 30 per cent profits to the TM group which is substantially high, especially when the TM has monopoly in the fixed telephone sector. It has over 90 per cent share in this sector and 35 per cent in the mobile phone sector within Malaysia.