ISLAMABAD, April 24: The Privatization Commission (PC) has invited Expressions of Interest (EoIs) from the potential investors for the sell-off of Telephone Industries of Pakistan (TIP).

According to a handout issued here on Saturday as part of the privatization of the telecommunications sector the PC, on behalf of the Pakistan Telecommunications Company Limited (PTCL), intends to privatize TIP.

The mode of privatization/transaction structure for privatization of TIP will be intimated later. Those interested have been asked to submit their EoIs to participate in the privatization of TIP by indicating their preference for either acquisition of PTCL shares in TIP along with management control on "as a going concern" basis or acquisition of Digital Switching (EWSD) division and General Products Division assets and land either separately or together, latest by May 25, 2004.

The PC reserves the right to request additional information from any party.

TIP is located at Haripur Hazara and a private limited company with paid-up capital of Rs909 million. PTCL's holds 70.90 per cent shares and Siemens AG Germany 29.10 per cent. TIP's principal business include Digital Switching (EWSD) Division: Manufacturing planning, installation and commissioning services of digital exchanges (capable of handling turnkey projects up to half a million digital lines).

General Product Division: manufacturing of telephone sets, drop wire, distribution panels boxes, cross connection cabinets, energy meters and styropore manufacturing facilities.

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