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Paktel
From Wikipedia, the free encyclopedia
| Paktel Limited | |
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| Type | Private Limited Company |
|---|---|
| Genre | Subsidiary |
| Founded | Early 1990s |
| Headquarters | Islamabad, Pakistan 68-E Jinnah Avenue, Blue Area |
| Key people | |
| Area served | Pakistan |
| Industry | Telecommunication |
| Owner | China Mobile Ltd. (Formerly Millicom) |
| Slogan | Convenience, Clairty |
| Website | www.paktel.com |
Paktel is a mobile telecommunication company in Pakistan.
It was the first ever company granted license to carry out cellular phone services in Pakistan. 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.
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Millicom International Cellular S.A. on Sunday, 22nd January 2007, said it will sell its 88.86 percent stake in Paktel Ltd. to China Mobile Communications Corp. 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.
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.
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.
- Official site Paktel
- Pakistan Telecom Watch Dog: Pakistan Telecom Authority (PTA)