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Principally agreed, Etisalat will pay 11bn rupees to the provinces of Pakistan to get the disputed properties transferred eventually. Official sources told that the dispute between UAE based Etisalat and Government of Pakistan seems to have been resolved. This was agreed after meetings between Minister of Privatization and Investment and high-ups of Etisalat.
Etisalat had stopped its due payment due to the reasons that PTCL’s properties situated in all four provinces had not been transferred to its name which was decided in 2006 agreement when 26% shares of PTCL were sold to Etisalat for $ 2.6 Bn. Etisalat has paid $1.4Bn so far and stopped next $ 800Mn which is pending. According to official sources, 11Bn will be paid by Etisalat to respective provinces for 300 properties which are in the possession of Etisalat currently but not transferred yet.
The the new agreement will be signed in March 2010 after the pending installment of $800Mn has been paid by Etisalat and after this two installments of $150Mn each would remain pending to be paid by Etisalat in future with the decided time frame.
