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09-06-14

UAE's etisalat to settle USD799m deal with Pakistan

(MENAFN) UAE's etisalat is expected to settle USD799 million it owes from a 2006 in Pakistan's former telecom monopoly, according to Gulf News. Etisalat, the UAE's largest telecom operator by revenue and subscribers, has already bought 26 percent stake in Pakistan Telecommunication Co (PTCL) for USD2.6 billion. But etisalat, which also obtained majority voting rights in PTCL, withheld USD799 million it owes on the deal because of Pakistan's failure to reassign ownership of 3,248 properties to PTCL as per the sale agreement.