Emirati Telecom Giant e& (Etisalat) Mulling Exit from Pakistan’s PTCL
Emirati telecommunications company e& (formerly Etisalat) is reviewing its investment and management role in Pakistan Telecommunication Company Limited (PTCL) as part of a wider global portfolio assessment, according to reports circulating Thursday.
The evaluation is described as preliminary, with no final decision made on divestment, restructuring, or exit. PTCL management has indicated it remains unaware of any imminent shareholder changes and continues to advance its business plans, including preparations for 5G rollout.
The development has drawn attention to a long-standing financial disagreement dating back to the 2005-2006 privatization. Etisalat acquired a 26 percent stake along with management control in PTCL for a total of $2.6 billion.
It paid approximately $1.8 billion upfront but withheld the remaining roughly $800 million, citing the Pakistani government’s incomplete transfer of thousands of PTCL properties as stipulated in the agreement.
Negotiations over the years have addressed the valuation and handover of the disputed assets, with reports suggesting between 34 and over 100 properties still in contention.
High-level talks, including a January 2026 meeting in Dubai between Pakistan’s Deputy Prime Minister Ishaq Dar and Etisalat leadership, sought to resolve the matter amicably, yet the issue persists without a full settlement. Some estimates, factoring in potential interest or adjustments, place the disputed amount significantly higher, though both parties have favored dialogue over formal litigation to safeguard bilateral relations.
