Overview
- Local media reported Thursday that e& was reassessing its exposure to Pakistan’s telecom sector, including its 26% stake and management role in PTCL, in an early, exploratory review with no decision taken.
- PTCL responded hours later, calling the reports baseless and saying shareholders support its long-term plan, citing recent moves like buying Telenor Pakistan and Orion Towers, Ufone’s 5G spectrum win, and a nationwide fiber buildout.
- No statement has come from e& or government authorities, and PTCL said it has not been told of any change by shareholders as its board recently approved the company’s long-term plan.
- PTCL’s ownership is split between the Government of Pakistan and related entities at about 62%, e& at roughly 26% with management rights, and the rest held by public investors on the Pakistan Stock Exchange.
- The backdrop includes a $799 million property-transfer dispute from the 2006 privatisation and fresh Gulf funding dynamics, with Pakistan repaying about $3.5 billion to the UAE and Saudi deposits rising to $8 billion as the IMF board prepares to meet on May 8.