He expressed hope that the consortium will meet the demand soon to take over KESC management during the current month. The secretary was talking to newsmen after singing SPA with Siemens Pakistan for Carrier Telephone Industries (CTI).
Privatisation Commission Secretary Tahsin Khan Iqbal, PTCL Chairman and CEO Junaid Khan and Siemens Pakistan Divisional Director Tahir Javed signed the agreement on behalf of the respective parties for sale of 53 percent CTI shares.
The Privatisation Commission offered CTI 53 percent shares as "a going concern" basis with management control.
Addressing on the occasion, Tahsin Iqbal said that CTI was the best electronic company. He said its surplus land measuring 46,111 sq-yards would revert to the government.
He said that after receiving Rs 500 million, the SPA was signed and the CTI management was simultaneously handed over to the Siemens Pakistan. PTCL has 8,016 ordinary shares of Rs 1,000 each and Siemens AG, Germany has 7251, 5 percent Cumulative Preference Shares of Rs 1,000 each. Siemens finally offered Rs 62,375 per share and a total price of Rs 500 million for 8,016 shares of PTCL in CTI.
As per the terms of the articles of association of CTI, Siemens concurrence was required for the sale of PTCL shares in CTI to a competitor (competitor being any person or company or agent in electrical plant and apparatus of all types, including but without prejudice to the generally of the foregoing, long distance telecommunication equipment and electrical component and competes in any such fields with Siemens.
CTI is the manufacturer of transmission equipment for telecommunication services and equipped with the state-of-the-art machinery, which included digital microwave radio, mux for optical fibre, rural digital branch exchange and single channel VHF radio. It is located in Islamabad industrial area.
Alois G. Zollner, Senior Vice President, Siemens, appreciated the professional approach of the Privatisation Commission and said that investment in CTI was an attraction for Siemens.