Etisalat, the UAE based telecommunication company with stake in both Ufone and PTCL have denied rumors regarding the acquisition of PTCL and Ufone by China based Zong.
The denial comes after some media reports suggested that Zong is in talks with Etisalat eyeing to acquire PTCL and Ufone.
“Referring to recent press rumors, PTCL on confirmation from Etisalat would like to categorically state that no discussions regarding the sale of Etisalat’s stake in PTCL and its subsidiary Ufone to any company, have taken place,” stated PTCL, reported TechJuice.
“Etisalat has confirmed that it remains committed to its business in Pakistan and continues to work for its success,” the company added.
It is pertinent to inform that Etisalat owns a 26pc stake in PTCL, while the majority share of 62pc is owned by Government of Pakistan, while the remaining are traded publicly.
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