Paktel
From Wikipedia, the free encyclopedia
Paktel Limited | |
---|---|
Type | Private Limited Company |
Genre | Subsidiary |
Founded | Early 1990s |
Headquarters | Islamabad, Pakistan 68-E Jinnah Avenue, Blue Area |
Area served | Pakistan |
Key people | Guo Yong Hong(CEO) |
Industry | Telecommunication |
Owner | China Mobile Ltd. (Formerly Millicom) |
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, 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, who at that time were majority owners of Instaphone, bought Paktel for a sum rumoured to be $1[citation needed] 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.
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[edit] Sale to China Mobile and Rename to CMPak
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.
On 4th May 2007, Paktel was renamed to CMPak.[1]And then, on 16th May 2007, China Mobile announced that it had upped its stake in CMPak to 100%. [2]
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.
CMPak markets its products under the brand name "Zong".[1]
[edit] Subscriber Base
Paktel has a subscriber base of 2.35 million as of February 2008.
[edit] See also
[edit] 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.
[edit] Footnotes
- ^ Paktel renamed CMPak (zh-cn). China Mobile Limited. Retrieved on 2007-12-11.
- ^ May 2007 Archived Press Clippings : LTC International, Telecom Headlines and Industry News (en). LTC International Inc.. Retrieved on 2007-12-11.
[edit] External links
- Official site Paktel
- Pakistan Telecom Watch Dog: Pakistan Telecom Authority (PTA)