Textio

[ame] Etisalat has denied the cancellation of its stake purchase in Pakistan Telecommunication Co, and said it is committed to paying $1.2bn to the Pakistani government, Al Bayan newspaper has reported. Etisalat had signed a $2.6bn agreement, of which $1.4bn was paid, in 2006 for the purchase of 26% of the company’s shares and for the right to manage the telecom operator. ‘The remaining amount of $1.2bn will be paid in installments over a period of four years and a half, on the condition that some obligations to Etisalat are met by the Pakistan side,’ the firm said in statement cited by the paper.

Etisalat to pay Pakistan for telco stake