Wednesday, November 20 2024

NA panel questions PTCL authority to sell assets
The National Assembly Standing Committee on IT & Telecom questioned the authority of the Pakistan Telecommunication Company Ltd (PTCL) to sell its properties since the board of directors was not the owner of the company. The committee meeting in the Parliament House sought answers to several queries from the state-owned largest telecom company, including the board’s powers under the sale purchase agreement (SPA) between the Government of Pakistan and Etisalat. Committee chair Syed Aminul Haque showed an advertisement to the Ministry of IT & Telecom officials and the executive representing the PTCL. The advertisement sought bids to purchase several properties of the PTCL, but in response, the PTCL executive said that no property had been sold as the required price was not offered.
Related news categories: business economic-indicators psx stock-exchanges tech-comm
Related symbols: ptc (news stock)

Friday, October 25 2024

Hearing in PTCL-Telenor merger ends amid rivals’ opposition
Reiterating their concerns over the proposed acquisition of Telenor Pakistan by PTCL, Jazz and Wateen informed a three-member bench of the Competition Commission of Pakistan (CCP) on Thursday that the combined entity would be able to manipulate tariff structures at their discretion. The fifth and the last hearing in the Phase II review of PTCL’s acquisition of Telenor and Orion Towers Ltd was conducted by CCP Chairman Dr Kabir Ahmed Sidhu alongside members Salman Amin and Abdul Rashid Sheikh. While Wateen opposed the proposed merger, Jazz and Zong expressed competition concerns and the fear of abuse of dominance after the merger of Telenor Pakistan with Ufone as the merged entity would be operating under the Pakistan Telecommuni-cation Company Ltd, which is the biggest player in the internet as well as other segments of the telecom sector.
Related news categories: business economic-indicators psx stock-exchanges tech-comm
Related symbols: ptc (news stock)