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'Paktel' is a mobile telecommunication company in Pakistan.It was the first ever company granted license to carry out cellular phone services in Pakistan, set up by Cable & Wireless. It carried out AMPS services until 2004,when the company launched GSM services as well. Its main competitor emerged in late 1990s as Instaphone and soon began to dominate the market. However after the launch and rapid success of Mobilink in 1998, both services lost market share. In 2003, Millicom Corporation, owners of Instaphone, bought Paktel as well, for a sum rumoured to be $1 from Cable & Wireless. Millicom installed a new management team headed by John Tumelty, former CEO of Instaphone and Chief Financial Officer David Ordman. In January 2007 Millicom sold Paktel for $284 million to China Telecom.

Contents

Sale to China Mobile

See also

References

External links

Sale to China Mobile

Millicom International Cellular S.A. on Sunday, 22nd January 2007, said it will sell its 88.86 percent stake in Paktel Ltd. to China telecom for $284 million, which includes the repayment of intercompany debt. The sale implies an enterprise value for Paktel of $460 million, Millicom said in its press release.
Merrill Lynch advised China Mobile on the transaction.
Moreover, PTA (Pakistan Telecommunication Authority) has announced that it may resolve the frequency issue with China Mobile, as it was one of the main reason for pullout by Millicom International Cellular S.A.

See also

★ List of mobile network operators in Pakistan

References

Millicom to sell Paktel for $284 million

China Mobile's Press Release for the acquisition of Paktel Ltd.

Millicom International Cellular S.A. Press Release for the sale of Paktel Ltd.

External links

★ Official site Paktel

★ Pakistan Telecom Watch Dog: Pakistan Telecom Authority (PTA)

★ Free SMS to Paktel Pakistan Free SMS