Finally, the President Office has moved in to save the deal between the Privatisation Commission and Etisalat for PTCL sell-off. Sources told Business Recorder here on Friday that the intervention of Pakistan's highest office resulted in extension of couple of days in the deadline given to Etisalat for payment for PTCL.

They said that they were expecting positive outcome of the intervention in the extended period. Sources said that Privatisation Minister Dr Abdul Hafeez Shaikh had informed the President Office on Thursday that the deadline for PTCL payment was going to expire on October 28, but the Privatisation Commission had not got any response from Etisalat.

This was, of course, not a good news for the President Office, which finally decided to contact Etisalat's top man to decide the issue once for all.

Source said that there was a telephonic contact between the President Office and Etisalat that gave a "new hope" to Privatisation Commission officials for the PTCL deal.

They said that the telephonic contact resulted in an assurance from Etisalat for payment on October 29. The payment is the only factor that can keep the ball rolling in the case of PTCL.

Privatisation Commission officials said that a formal announcement in the case of PTCL sell-off would be made on Saturday.

Copyright Business Recorder, 2005