Privatization of PTCL

Research report Privatization of PTCL

Business Research Methods Submitted to Ms. Asma Asrar Group members Faiza Shah Anaum Zahid Rabia Malik BBA-ITM(9)
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Privatization of PTCL

Acknowledgement
All praise to Allah, who gave us strength and abilities to complete this project. We are especially thankful to Mr. Gul Ahmed (executive vise president regulatory affairs) and Mr. Ansar Mahmood Bhatti (senior manager external communication) who provided valuable help and guidance in every stage of the project. We would like to thank Ms. Asma Asrar my program coordinator for her guidance in completion of project.

Privatization of PTCL

Table of Contents

Sr. No 1. 2. Abstract Privatization of PTCL

Page No 5

Chapter 1 Introduction Privatization Privatization Need Process of Privatization Privatization in Pakistan Historical Background of PTCL Introduction of PTCL Introduction of Etisalat Chapter 2 Literature Review Literature Review Chapter 3 Research Methodology Problem Area Problem Statement Theoretical Framework Dependent Variable Independent Variables Moderating Variable Schematic diagram for theoretical framework Hypothesis Data Collection

7 7 8 9 10 11 11

3.

14 17 17 17 17 17 18 20 21 22 22

4.

5.

Chapter 4 Privatization of PTCL Privatization of PTCL Need of Privatization in current Scenario Objectives of Privatization Bidders of PTCL Criticism on Privatization of PTCL The Struggle against Privatization of Pakistan telecoms PTCL after Privatization Financial Performance Commercial Initiatives Customer Satisfaction Human Resource Development ERP Re-launch of V Wireless as Vfone Launch of Broadband in Pakistan Contact Centers o Telephone to Television Looking Ahead from Telephone to Television Carrier Services and Wholesale Corporate and regulatory Affairs Infrastructure and Service Enhancement

24 24 25 25 26 27 28 28 29 30 30 30 31 31 31 31 32 32 32 33 33 34

Privatization of PTCL

Abstract
Pakistan Telecommunication Company Limited is the largest telecommunication provider in Pakistan. On 18th June 2005 a major event took place which was the privatization of PTCL. It was a decision made by the government without the conformity of the companys employee who strongly disagreed with the decision and had protested and strikes were observed within the country to make the government change its decision. The motto of the employees was that such a precious and sensitive national asset should not be handed over to private parties, particularly the foreigners. Whereas the government believed that the revenues of the company were declining due to increased competition, therefore privatization of PTCL would be a very good option and due to this the company might earn large amount of revenues and thus wanted to improve the efficiency and quality of services.

In this research project the main objective is to know the factors which lead to the privatization of PTCL and the changes & improvements which took place after the privatization. Another aim is to find out whether the decision of privatization was a good idea or not. Surveys, Internet, Annual report of PTCL, Articles, Questionnaires and Interviews have been conducted in order to gather the required information.

Privatization of PTCL

Chapter 1 Introduction

Privatization of PTCL

Privatization
The transfer of property or responsibility from the public sector to the private sector partial or complete is privatization The philosophy of privatization stems from the role of state in economic Life. The thinking of the international financial institutions and free market economists is that, as in USA, the state should confine itself to regulation only and the operation and ownership of industrial enterprises and utilities should be left to the private sector.

Privatization need:
Pakistan along with other developing countries followed the activist role for the state in industrialization and the rate of industrial growth in Pakistan has been very high. The first main thrust for privatization is the belief that private sector units are more efficient than public sector units. This is not true across the board. In a study which made a comparison between public industrial enterprises and private firms producing similar goods, the conclusion was that changing the ownership of industry from public to private is neither a necessary nor a sufficient condition for more efficient operation of specific industrial enterprises. However, on the other hand it is often correctly claimed due to political interference and over-staffing; the efficiency of the public sector units is reduced. The second argument for privatization is its fiscal impact. The favorable fiscal impact of privatization is expected from the sale proceeds being used to retire national debt, as well as elimination of losses of the public sector units as the losses were being finance from the budget. The opposite view is that the public enterprises after nationalization in 1973 doubled the payment of their taxes as compared to the pre-nationalization period. Moreover, if the public sector enterprises are making profit and giving the government return higher than the rate at which it is borrowing from the market, the privatization of

Privatization of PTCL profitable enterprises would have an adverse impact on the budget. Hence this argument does not hold for profitable public sector enterprises. The third argument for privatization is to foster competition and to strengthen capital markets. If all the units in certain sectors like cement are owned by the state and these are sold to different parties, there would be healthy competition. Capital market is strengthened, if the government share holdings are sold in the market as was done in case of PTCL and more recently in the case of Muslim Commercial Bank and Al-Falah Bank. Capital market is not strengthening at all, if one public sector unit is handed over to the private party without some of its shares being offered to the public. Hence it is necessary for strengthening and deepening of capital market that some percentage of the shares of public is sold to the public through Stock Exchange. Another objective of privatization is to encourage direct foreign investment. The direct foreign investment in profitable public units is not likely to be beneficial for the economy, as against the benefit of an initial purchase price; one has to calculate the recurring remittance of profit in foreign exchange for years and decades to come. Direct foreign investment therefore should be attracted by policy and design into new and risky ventures rather that through the purchases of profitable enterprises.

Process of privatization
Privatization is a complex exercise with multifaceted implications and has to be concluded with a number of caveats. The first is that it should be absolutely transparent process with full legal safeguards and watertight procedures, otherwise the valuable public assets may be sold at throw away prices and causing a huge loss to the national assets. It has also been observed that privatization should avoid crony capitalism; it has been associated with giving away expensive public assets at cheap rates to political cronies. Privatization gives tremendous patronage to the government in power, which may be exercised to favor vested political 8

Privatization of PTCL interests rather than to serve long run national objective, negating the basic objective of improving efficiency in the economy. The second imperative of privatization is sequencing and timing. It is essential that all the assets should not be sold in a short period, because in the short period the buying power of private sector may not be adequate to offer the correct prices for all the privatized assets. It may crowd out fresh foreign investment and lead to reduction in the rate of investment in the economy. The third essential condition for the success of privatization is that economy should be deregulated and unnecessary restrictions and procedures for industrial enterprises should be done away with. Privatization should therefore be part of a process to strengthen private sector by giving it assets as well as improving regulatory framework for their operation. To give units to the private sector but to keep it throttled by massive regulations would not improve the operational efficiency. Hence the sale of privatized units should be staggered over time. Finally it must be ensured that the party which is buying the industrial units does not use it for stripping the assets and selling the real state because if the party does this, there will be a serous loss of out put, employment and taxes to the national economy.

Privatization in Pakistan
There have been two tides of privatization in Pakistan. The first tide is from 1992 to 1994 and the second tide from July 2001 to October 15, 2002. In the first period assets worth Rs.120 billion were divested and in the second period assets worth Rs.65 billion were divested. Only 22% of the privatized units were performing well than in the preprivatization period, 44% approximately the same and about the third i.e. 34% worse than before. It is quite clear that the compelling reason for privatization that of improving the efficiency of the units, was only attained by about 1/5 of the units, whereas the rest were working with the same efficiency or worse than before. On the whole, operational 9

Privatization of PTCL efficiency deteriorated after privatization. Moreover, the most tragic consequence of privatization was the closure of many units, which are listed below; 1. Zeal Pak Cement 2. National Cement 3. Pak PVC 4. Pak China Fertilizer 5. Karachi Pipe Mills 6. Metropolitan Steel 7. Quality Steel 8. Indus Steel Pipe The closure of these units has played havoc to the national economy and the first phase of privatization has contributed to the lower rate of industrial and economic growth. The GDP growth which was above 6% in the 1980s declined to around 4% in the post privatization period.i

Historical background of PTCL

1947 1962 1990-91 1995 1996 1998 2000 2003 2005Posts & Telegraph Dept. established Pakistan Telegraph & Telephone Deptt. Pakistan Telecom Corporation About 5 % of PTC assets transferred to PTA, FAB & NTC. PTCL Formed listed on all Stock Exchanges of Pakistan Mobile(Ufone)& Internet(PakNet)subsidiaries established Telecom Policy Finalized Telecom Deregulation Policy Announced 2006 Etisalat Takes Over PTCL
ii

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2006

Introduction of PTCL
With employee strength of 65,000 and 5.7 million customers, PTCL is the largest telecommunications provider in Pakistan. PTCL also continues to be the largest CDMA operator in the country with 0.8 million V-fone customers. The company maintains a leading position in Pakistan as an infrastructure provider to other telecom operators and corporate customers of the country. It has the potential to be an instrumental agent in Pakistans economic growth. PTCL has laid an Optical Fiber Access Network in the major metropolitan centers of Pakistan and local loop services have started to be modernized and upgraded from copper to an optical network PTCL is the incumbent service provider for provision of fixed line telecommunications. Established as public limited company in 1996, PTCL is 74% owned by the Government of Pakistan. PTCL launched its mobile and data services subsideries in 1998 by the name of Ufone and PakNet respectively. None of the brands made it to the top slots in the respective competitions. Lately, however, Ufone had increased its market share in the cellular sector. The PakNet brand has effectively dissolved over the period of time. Recent DSL services launched by PTCL reflect this by the introduction of a new brand name and operations of the service being directly supervised by PTCL instead of Paknet.iii

Introduction of Etisalat
Etisalat has been the telecommunications service provider in the United Arab Emirates since 1976 and is the number one mobile operator in the UAE. For three decades, since the birth of the UAE, it has played a key role in driving and supporting the nations prosperity. Famous for over 30 years for delivering technological excellence, innovation and

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Privatization of PTCL reliability, Etisalat is on track to be a top 20 Global Telco by 2010 pioneering technology for tomorrows customers.

Etisalat, which has 33 million subscribers in 14 countries, has made acquisitions and investments in excess of Dh30 billion in expanding international operations. The UAEbased operator operates in Afghanistan, Benin, Burkina Faso, the Central African Republic, Ivory Coast, Egypt, Gabon, Niger, Saudi Arabia, Sudan, Tanzania, Togo, Pakistan, and the U.A.E. Etisalat stands 140th among the Financial Times Top 500 Corporations in the world in terms of market capitalization, and is ranked by The Middle East magazine as the 6th largest company in the Middle East in terms of capitalization and revenues. The Corporation is the largest contributor outside the oil sector to development programmes of the UAE Federal Government. Etisalat has also won accolades from across the region for its nationalization programmeiv

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Privatization of PTCL

Chapter no. 2 Literature review

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Privatization of PTCL

Literature review
The privatization of PTCL which took place on 18 June 2005 was a historical event both for Pakistan and the United Arab Emirates (UAE) as the consortium led by Etisalat, a major regional telecom player and in which the Government of United Arab Emirates is the majority shareholder, emerged as the highest bidder at US$1.96 per share equivalent to Rs. 117.01 per share.v Obaid Saeed Bin Mes'har, chief executive of Etisalat, told reporters in Dubai the investment would pay off within five years, hopefully sooner. His bid was about 40 percent above the average PTCL share price for the past six months. "We feel this is the right value," he said, adding Chief Executive of Etisalat International Obaid Saeed has said that no PTCL employee will be relieved, the expertise, technical experiences and skills of PTCL employees would be utilized properly. The new management will take steps for improving quality, reorganization and extension of PTCL service to more areas, he remarked. Trained engineering and technical staff might be sent to Africa and other countries after imparting additional training to them.vi After privatization PTCL reported a 24.7 percent fall in net profit for 2006-07 financial years, as rising competition led to a decline in revenues from call traffic.vii

Giving reasons for privatization, the minister of privatization Dr Hafeez Shiekh said this was being done to attract new management, capital and technology in a bid to further improve efficiency and quality of services. This process would also help in retiring national debt besides expediting work on poverty alleviation programme.viii PTCL union leader announced a countrywide strike. They dont want further dialogue with corrupt and liar government functionaries. they said PTCL workers would jam the telecommunication services throughout the country on June 15 two days before privatization if the government did not withdraw its decision to privatize the company.ix

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Privatization of PTCL

During the privatization of PTCL many employees were against privatization. This was a main issue in most of the news papers. Workers at Pakistan Telecommunication Company Limited (PTCL)who have been occupying the companys Islamabad headquarters and other facilities since May 25are threatening to sever the countrys communications network, unless Pervez Musharrafs military government abandons its plans to privatize what is Pakistans largest and most profitable public-sector enterprise. The MN Muhammad Pervaiz Malik gives his opinion that the sale of Pakistan Telecommunication Company Limited to foreign investors is illogical. Malik said that energy, banking and communication were vital national assets He said that privatization of the organizations nationalized in 1972 was justified as they were running in deficit, but the sale of the profitable PTCL was unjustifiable. He said that if privatization of these institutions was essential then their shares should be sold through the Stock Exchange and the workers should be given a golden handshake.x A large number of people took out a rally to protest against the privatization of the PTCL and demanded that the precious and sensitive national asset should not be handed over to private parties, particularly the foreigners. On the occasion, a statement of the PTCL employees CBA Union spokesperson was read out which said that the workers had rejected the privatization package being offered by the government. It claimed that under the said package status of over 16,000 NPS employees would be changed and they would immediately become temporary. It said that none of the nine unions, which had formed the Unions Action Committee, had accepted the package.xi

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Privatization of PTCL

Chapter no 3 Research methodology

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Privatization of PTCL

Problem area
Our problem area is privatization, the trend which is increasing day by day in most dominant companies like PTCL, HBL etc. We want to know the reasons due to which the companies decided to privatize and to sell its shares. We also want to know Is decision of privatization good for most of the companies? Is there any improvement after privatization?

Problem statement
Our problem statement is Circumstances and effects of privatization of PTCL In our research project we basically want to know the factors which lead to privatization of PTCL and the changes & improvement after the privatization of PTCL. We want to know is the decision of privatization is really good idea or not.

Theoretical framework
1. Dependent variable
Privatization of PTCL

There are different variables due to which privatization of PTCL occurred. Privatization of PTCL is dependent variable which is dependent upon different variables. These variables are effecting privatization directly or indirectly.

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Privatization of PTCL

2. Independent variables
Deregulation of telecom sector

Due to deregulation the competition among the service provider increases which then leads to less amount of profits. Deregulation is the removal of Government controls from an industry or sector, to allow for a free and efficient marketplace. Since the implementation of deregulation policies in the domestic telecom sector, the company is facing immense competition from new players, especially in the long-distance and international calls segment. This deregulation is bringing about loss of market share, reduction of tariffs and lower profit margins and development of new telephone services and uses. Companys access to capital

The revenues of the company are declining due to increasing competition. Government of Pakistan thinks that privatization of PTCL is a very good option and the company will earn large amount of revenues after privatization. Services innovation should be enhanced in the basic and value added services for generating quicker revenues. Further, the orders in which structural adjustments take place determine their effectiveness. International lending organizations

International lending organizations began pressuring countries to divest. Substantial evidence reveals that privatization can lead to performance improvements. Dr. Abdul Hafeez Sheikh (Federal Minister for Privatization and Investment) said that the process of the privatization not only helped in lending more depth to country's stock market but also ensured the share of common man in the ownership of state-owned enterprise.

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Privatization of PTCL Top management support

Privatization of PTCL has a strong support of top management. The decision of privatization is also dependent upon top management. Most of the managers think that with the privatization of PTCL the profits and the efficiency of the employees can increase but the lower level employees do not agree with this. Price Discrimination

In order to retain and even expand the market share, PTCL can resort to price discrimination. This can be between users of own network and other operators networks. For example PTCL may fix different rates for intra-network calls and inter-network calls. Lower rates of intra-network calls will be strong temptation for customers to remain stuck of PTCL instead of switching over to other choice operators. This can be done by more revenues which could be possible after privatization. Advancement in wireless technology

PTCL has tons of copper buried under the ground which can be exploited for broadband services based on IP technologies. The average distance between the exchange and the subscriber in the case of Pakistan is too high. This is so because the network was planned for voice-only operations that work on the old technology. However, as residential and commercial broadband access solutions gain popularity, these copper pairs will be used for xDSL services as well. A prime requirement for running most of the DSL service is that the cable length from the exchange to the subscriber should be limited to less than three cableroute kilometers. A few services that can offer multi-megabit access rate require an exchange-to-subscriber cable distance of less than a kilometer. Currently, PTCL has O&M Contracts with four private sector operators namely Habib Rafiq International, Micronet Broadband, Multinet Broadband and Sysnet Pakistan to deploy countrywide DSL networks. The new management of PTCL may make the situation better by redesigning their whole network. 19

Privatization of PTCL

In the developing countries, investment in Telecom infrastructure is considered a necessary foundation for economic growth. Massive investment is required to combat low Teledensity, poor service quality, to introduce modern technologies and to face the advances in wireless technologies. Such investments are far beyond the reach of many governments that other social and development programs requiring urgent funding.

Moderating variable
Poor performance

The exceptionally poor performance of state-owned telecom firms generated pressure for reforms. Long waiting periods for telephone connections and the unreliability of those connections generated popular demand, while inefficient operations often requiring large subsidies encouraged governments to divest firms that were draining national treasuries. Bottom line of all privatization decisions, stated objectives notwithstanding, remains to address the needs of telecom modernization, attract private sector investment, reduce government involvement to ensure fair competition (to promote greater rivalry among firms, leading to improved productivity, wider consumer choice and lower prices) and growth of the sector.

Schematic diagram for theoretical framework

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Privatization of PTCL

Moderating Variable Poor services

Privatization of PTCL

Deregulation of telecom sector Reduction of tariffs & lower profit margin

Dependent Variable

Loss of market share Development of new telephone services Companys access to capital Top management support Price discrimination International lending organization Advances in wireless technology Independent variables

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Privatization of PTCL

Hypothesis
Based on problem statement and theoretical framework we have formulated following hypothesis. 1. Privatization of PTCL occurred due to deregulation of telecom sector. 2. Efficiency and productivity of the employees increases with the privatization of PTCL. 3. Infrastructure of PTCL has improved after privatization. 4. Services offered to its customers increases with the privatization of PTCL. 5. Technological advancements occur after privatization of PTCL. 6. Net profits of the company increases after the privatization of PTCL.

Data collection
After identifying the steps the big task is data collection and for collecting the information required, I use the following resources Surveys Internet Annual report of PTCL Articles Questionnaires Interviews

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Privatization of PTCL

Chapter no. 4 Privatization of PTCL

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Privatization of PTCL

Privatization of PTCL
PTCL is a revenue spinner and the only company with ground lines in each nook and corner of the country. PTCL has privatized by the government twice. Firstly in 1994 12% shares are issued to general public and then in 2005 26% of PTCL has privatized, but this time these shares are not offered to the general public. This time foreign companies are invited for the bid, and government also had a plan to hand over the management for the improvement of PTCL. Among these 26% shares 10% are offered to PTCL workers at discount rate.xii

Need of Privatization in Current Scenario:

Pakistan followed a gradual approach to liberalize its telecom market. During 1990s, as a first step, market was opened for value added services and competition was introduced in cellular mobile sector as four licenses were issued (Mobilink, PTML, PakTel and Instaphone). The government monopoly was retained in fixed line services, however, PTCL legal monopoly ended w.e.f 31 December 2002. The government announced Telecom Deregulation Policy and Cellular Mobile Policy in 2003 and 2004 respectively. In the year 2002 PTCL has enlisted for privatization. Pakistan seems to have followed a safe approach i.e. liberalization followed by privatization.xiii As PTCL was a Government owned organization it had a monopoly in landline services but it is not generating so much revenue. In 58 years PTCL should able to create 4.8 Million customers. In 1990 new licenses was issued to two cellular companies, which open a new scenario of competition in telecom sector. With in 15 years these cellular companies have increased a half a dozen. In 2002 PTA decides to give local loop licenses to private companies, this opened the new challenge for PTCL. PTA had also reduced the taxes for cellular subscribers. Till July 2005 the total number of cellular subscribers was 12 million. Due to the increase in customers of cellular companies the growth of PTCL decreased. In this competitive era PTCL was unable to survive because the growth of PTCL has affected by other companies. New companies in Local Loop sector are also

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Privatization of PTCL

Introducing, they will also affect the revenue of PTCL. So privatization became necessary for PTCL. xiv

Objectives of privatization
Privatization will improve the infrastructure of PTCL. The revenue generated by PTCL will be used to pay off depts. xv The new company will also increase the network of PTCL. Raising investment capital for the industry and the company being privatized Reducing government role in the society Increasing efficiency In this competitive era the major reason on privatization of PTCL is to survive in competitive environment. Introducing greater competitionxvi

Bidders of PTCL
PTCLs privatization was scheduled for June 10, but was postponed because of the workers weeklong strike. After the announcement of PTA many companies are interested to take part in the privatization of PTCL. Privatization commission of Pakistan had shortlisted several foreign telecom conglomerates as potential buyers. Besides the three companies, (China Tel, Sing Tel and Etisalat) to put down cash, Telecom Malaysia, MTC of Kuwait, Saudi Oger, Turkcell, and Saudi Telecommunications Company were also in the running. Three bidders took part in the privatization of PTCL. These bidders had already deposited $40 million each as earnest money to become eligible. They were asked to submit sealed bids one by one and were opened by reporters. The rest of the five bidders pre-qualified by the privatization commission did not take part in the bidding.

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Privatization of PTCL

China Mobile of China offered a bid price of $1.06(Rs.63.48) per share or $1.409 Billion (Rs.84 billion) for 26% shares, which was about 84% lower than the highest bid. It estimated total value of the company at Rs.33.74 billion. Another bidder of the company was Sing Tel of Singapore, offered a bid price of $0.88 (Rs52.54) per share or $1.16688 billion (Rs69.663 billion) for 2% shares. This bid was about 80% lower than the highest bid. Sing Tel valued the whole company at Rs267.9 billion. Etisalat a company of UAE offered the highest bid of $2.59596 billion to acquire 26% shares of PTCL. It offered $1.96 (Rs117.01) per share. Etisalat valued the whole company at Rs596.76 billion. Etisalat has to deposit 25% of the bid money within 14 days of the issuance of letter of acceptance by the privatization commission of Pakistan. The remaining 75% amount would have to be deposit in 60 days period, after which the management would stand, transferred to Etisalat.xvii

Criticism on privatization of PTCL

Most of the people think that PTCL is again a revenue spinner and the only company with ground lines in each nook and corner of the country. Handing over this profitable strategic asset to a foreign company will be devastating for Pakistans economy and security.xviii People have the opinion that Privatization in Pakistan has not met its objectives. At present it is in national interest to remove PSO, OGDC, PTCL, HBL and NBP from the list of privatization, as their privatization would be strategically dangerous and economically unjustifiable. If we go along with the announced pace of privatization our economy, which already in recession will suffer and we will lose our economic sovereignty. Moreover, 26

Privatization of PTCL IMFs next demand will be to privatize Mangla and Tarbela dams, which would bring an utter ruin to the economy.

xix

The

struggle

against

privatization

of

Pakistan

Telecoms
During the period of privatization for over 6 weeks, 65 000 telecommunication workers were involved in a bitter struggle against the Pakistan Telecommunications Company Ltd (PTCL) and the government in an attempt to defeat the part-privatization of the company.

This was a fight which gripped the imagination of hundreds of thousands of the Pakistani working class and trade union activists as well as socialists the world over. The willingness of the workers to struggle, alongside the best left trade union leaders and activists, under very difficult conditions, was key in forcing the management to make concessions during the dispute. As well as this the flood of international solidarity and protests initiated by the Committee for a Workers International, and taken up by other working class activists, played an important role in pressurizing the Musharraf regime and giving support to the telecommunication workers. With the stepping up of neo-liberal exploitation of the neo-colonial world, and in particular, the drive to privatize what remains of state owned services and industry, these types of struggle assume even more importance in the workers movement internationally

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Privatization of PTCL than before. This is especially the case, given the fact that there is an increasing global opposition to privatization and the effects of capitalist globalization.xx

PTCL after Privatization

Many big change events are happening in PTCL at the moment after its privatization. The biggest challenge for PTCL is to transform itself from being a very large company that has been traditionally internally focused to one that is customer focused and market led, with the speed to complete with smaller agile new entrants. We have taken on the challenge and the transformation has already started. Financial Performance:

1. The Company posted a net profit of Rs.15.64 billion (EPS Rs.3.07) against last years figure of Rs.20.78 billion. The declining trend in profitability continued during the financial year ended June 30, 2007 due to structural adjustments brought about in the telecom sector by competition. Net Profit
30000 25000 20000 Rs(Billion) 15000 10000 5000 0

2007

2006

2005

2004

2003

2002

Figure 1.Net Profits

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Privatization of PTCL 2. Although PTCL maintained its leading market share in the fixed line, there was a decrease in revenues by 5.5% mainly due to substitution impact of mobile expansion. During the period under review, PTCL earned a total revenue of Rs 14.4 billion in 2007 compared.

Revenue
50000 40000 30000 Rs. (billions) 20000 10000 0 2002 2003 2004 2005 2006 2007

Figure 2.Revenue

3. There was also an increase in operating expanses by 11.7% mainly due to prudent provisions for doubtful debts and long term systematic improvements in operations and customer services. Operating expenses were Rs 10.7 billion against Rs 10.1 billion of previous years, showing an increase of 6%.xxi 4. Non-operating income of Rs 1,127 million was 14 % higher than the last years figure of Rs 992 million. Profit before tax was Rs 4.6 billion as compared to Rs 7.7 billion for the same period last year and the net profit after tax for the quarter remained Rs 3.0 billion. The management is adopting new strategies to improve revenues. The decision to extend ISD facility to all the customers had a salutary impact on international traffic. Both the incoming and outgoing traffic showed healthy growth of 27% and 148%, respectively, as compared to the same period last year.xxii Commercial Initiatives: 29

Privatization of PTCL As part of highlighting that change, the management initiated work on re-branding the Company as a modern and customer centric national carrier. Externally, changing of the logo was carried out to reflect the commitment to customers that will come through modernizing of the infrastructure and the state of the art customer services. Internally, it was to present employees with a new zeal & determination that stimulates a mindset change from technology and operations focused company to a competitive carrier that has customer services as its hallmark. PTCL choose August 14th, the Independence Day, to launch its new logo and theme of feel the difference.

Figure 3.New Logo

Customer satisfaction

In, addition, PTCL is focusing on improving customer satisfaction levels to bring in line with the best-in-breed class. Significant investment is also being made in infrastructure improvements, introduction of new operational support systems including billing and customer care, and business process improvements Started during 2006-07, this is expected to go a long way in addressing the modern day customers needs and offering more flexible and customer friendly service packages.xxiii Human resource development

To right size the human resource of PTCL, in accordance with the international telecom standards and to bring the companys headcount in line with other telecom operators worldwide, management is working towards the finalization of a scheme named as voluntary separation scheme (VSS).A consultant will be appointed soon to advice on the implementation of VSS. The company is initiating employee retention programs to complement the VSS and is planning a series of diverse training workshops as well.xxiv ERP

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Privatization of PTCL

Initiation of re-engineering and automating the existing internal processes within the Company started. This was done by bringing in the automated ERP (Enterprise Resource Planning) tool, ensuring that the processes within the Company are all made fast and efficient so as to cater for all the internal and external customers modern needs.xxv Re-launch of V Wireless as Vfone:

Vfone brand is poised to become the largest fixed wireless telephony network of Pakistan. PTCL has expanded the network to provide coverage in all large and small cities including over 10,000 villages in rural areas of Pakistan. As Vfone becomes the Wireless substitute to landline in un-served areas, it will be a robust line for voice, data and fax services for use at home and in the office. Launch of Broadband Pakistan:

From the end customers perspective, a major initiative was put in place in the shape of Broadband Pakistan service launch as a first step towards providing its customer with more value added service and convenience. With this offering, PTCL will not only be bringing the benefit of high speed Internet access to subscribers in major cities but will also generate new revenue streams for future growth.xxvi PTCL achieved unprecedented success as it added over 10,000 customers within the first 120 days of its launch while historically it had taken four years collectively for all the other operators to achieve 30,000 customers in Pakistan! The hallmark of PTCL service was the removal of the traditional barriers such as the upfront costs of installation and customer premises equipment and added bandwidth download.xxvii Contact Centers

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Privatization of PTCL The arrival of Dot.Com in Pakistan During the year your Company introduced state of the art contact centers at Karachi and Lahore to provide 24x7x365 customer service to Landline, Broadband and Vfone customers nationwide. The contact center is powered by fully automated IT based Billing & Customer Care applications that provide online information to agents to serve the customers interactively.xxviii Looking Ahead from

Telephone to Television: PTCL initiated the multi channel Inter Protocol Television (IPTV) project during 2006-07. Inclusion of IPTV service, to be launched during the coming year, will be a hallmark to the PTCL services portfolio and enable PTCL to provide Triple Play (voice, video & data) services over a single connection. The penetration of TV sets in Pakistan is more than fixed line telephone and therefore successful offering of IPTV will provide PTCL with an effective tool for new customer acquisition, The customer will be provided with the single interface to satisfy its Communication/entertainment needs along with one stop shop billing.

Figure 4.IPTVxxix

Carrier Services and Wholesale

With the de-regulation of telecommunication sector, many new operators were awarded licenses to offer telecommunication services. These operators are also dependent on PTCL for certain critical infrastructure such as leased lines, interconnection links, co-location

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Privatization of PTCL facilities essentially requiring PTCL to act as the Carriers carrier in the telecommunication marketplace. While PTCL has been a provider of Carrier services since new operators were introduced in the marketplace, it is only a recent initiative that the long term importance of Carriers business to PTCL has been recognized and a unit has been created to exclusively focus on operators business within PTCL and address their service needs in a timely, prioritized manner from a single window. The business unit, being staffed with professional account managers focused on relationship building with carrier customers, will work closely with such carrier customers for ensuring timely delivery of infrastructure and services. xxx Corporate and regulatory affairs

The regulatory environment through out the year remained very intense following the many policy initiatives of the Pakistan telecom authority. The company continues to evaluate all such changes in the regulatory framework to ensure a level playing field and also challenged some of the directors issued by the PTA during the year. The company has strengthened its regulatory department to better manage regulatory affairs, licence obligations and interconnection functions.xxxi Infrastructure & Service Enhancement:

Also, 330 new towns were brought on the Optical Fiber Network expanding the facility to 1030 cites country wide. Transmission network has been augmented with the addition of one wavelength in the exiting 2.5 GB DWDM Rings along-with the addition of four new 10 GB DWDM Rings to meet ever increasing long-haul transmission requirements. Optical Fiber Access Network (OFAN-II), has been provided in 13 major cities; Islamabad/Rawalpindi, Peshawar, Sialkot, Gujranwala, Lahore, Faislabad, Sargodha, Sheikhupura, Multan, Hyderabad, Karachi, Quetta and Hub. High capacity 2.5 GB & 10GB Metro Rings were also provided in this project to support the high bandwidth requirement for the upcoming new and value added services. Also, 310,830 pairs, saleable capacity on

33

Privatization of PTCL Optical Fiber Access Network have been made available during the year using state of the art technology. The Etisalat Quality department of UAE also assisted PTCL during the year. Part of this assistance was the assignment of a three year Work Plan to QA department of PTCL which includes SOP roll-out, Quality Assessment Checklists, Quality Awareness campaign through trainings and publications, implementation of ISO 9001 certification.xxxii PTCL has global connectivity via Satellite, SMW3 and SMW4 submarine optical fiber cable systems. Corporate Social Responsibility:

As a socially responsible corporate entity, PTCL has been pursuing different social causes to continue to society. They have been touching upon the areas of culture, sports, music, environment and general welfare by supporting different initiatives and activities. In wake of the heavy destruction caused by 8th Octobers deadly earthquake PTCL sponsored a 48-bed Eye Hospital of LRBT at Mansehra, set up free help lines and also facilitated the collection of relief goods. Subsidiaries:

1. Pak Telecom Mobile Limited (PTML) Pursuant to privatization of PTCL in April 2006, the board of directors of Ufone was also reconstituted.
xxxiii

Ufone, one of the largest cellular service providers, initiated countrys

largest ever expansion project amounting to US$ 525 MILLION. Now, under the management of Etisalat, Ufone will concentrate on customer needs and benefits and is more determined than ever to be the leading cellular player in the market.With the Phase V expansion project underway, the network expansion will cover over 2,000 cities, towns, villages and all major highways in the country. The subscriber base was 14 million at June 34

Privatization of PTCL 30, 2007, which represents 87% increase over the same period last year. During the year ended June 30, 2007, Ufone managed to improve its operational and financial figures and it reported strong revenue and operating profit growth of 43% and 36% respectively over the previous year.xxxiv 2. Paknet limited The board of directors of Pakistan has been reconstituted. Paknet has the largest internet infrastructure in the country .With Pops in 44 locations and internet access availability in over 2000 cities and towns. Although having the largest infrastructure, Paknet was unable to fully leverage its competitive advantage and has incurred losses. Carrier telephone industries (Pvt) Ltd. (CTI)

The company was privatized in November 2005 as part of the PTCL privatization commitment. PTCLs equity investment of Rs 8million was sold for the Rs 500 million to siemens AG. The company had earned a current year profit of Rs 2 million before privatization in November 2005. The Board was informed that last year the telecom sector experienced dynamic change, landmark developments and innovation resulting in a highly challenging and fast growing telecom market. The expansion in telephone infrastructure and the growth in teledensity during the year have been phenomenal. As a result the competition among the operators was also unprecedented. In this highly competitive environment, PTCL was able to maintain its leading position in the market and achieve a healthy profitability.xxxv

Analysts Are Optimistic

As reported by Reuters, Analysts said the fall in profits was a result of lower revenue from international and domestic call traffic and increased competition from new market players. But analysts said PTCLs profitability is expected to rise in coming years as it expands network and attracts more customers. 35

Privatization of PTCL

We anticipate an 11 percent annual growth in net profit of the company during the next three years, said Abrar Hussain, an analyst at First Capital Equities. PTCLs profitability growth is to result from the cumulative impact of expanded fixed line network, including profit of 20.78 billion rupees last year.

The company has potential to grow in the longer run if the management succeeds in implementing steps for network expansion, service customization, cost-cutting and the introduction of new services and efficiency measures, said Hifza Zia, an analyst at Atlas Capital Market.xxxvi

Challenges ahead for PTCL

PTCL is also likely to face tough competition in IPLC, DPLC and interconnect business from Transworld a Mobilink GSM partner company. And within the country competition from Wateen Telecom while network interconnect competition from Multinet broad Band. The three LDIs are getting one of the important movers and shakers of the telecom market of Pakistan. Mean while tough regulatory moves for PTCL are also giving it hard knocks to launch some of its new products like PTCL Life Style which already hangs in balance. And internal privatization is also on the cards because the company can not survive with more then 60,000 employees on board.xxxvii

36

Privatization of PTCL

Chapter no 5 Data analysis

37

Privatization of PTCL

Interview
We conducted an interview from Mr. Ansar Mahmood Bhatti (senior manager. external communication) for getting help about our topic and understanding it in a better way. Mr Ansar Mahmood also writes articles in newspaper and deals with external affairs. He told us that the main reason of the privatization of PTCL is increasing competition in the telecom sector. Government of Pakistan thought that income and the efficiency will increase after privatization of PTCL government has the agenda to fetch more foreign investment. In the next six months there are chances that 51% of the shares will be sold to Etisalat and then the management will be handed to them completely. Etisalat bought management because they that PTCL has more potential and can earn more profits through services. Financial condition at that time was good .due to deregulation competition increases and this is the main reason of less profits. But it is expected that PTCL will start recovering in some years after which their profits will rise. About the criticism of employees on privatization of PTCL he said that only unions opposed it because they think after privatization it will go in foreign hand. They will be arrested thats why they were against of it and started many strikes. After privatization there is uncertainty among employees and the efficiency decreases with it because they do not feel their jobs secured. To right size the human resource of PTCL, in accordance with the international telecom standards and to bring the companys headcount in line with other telecom operators worldwide, management is working towards the finalization of a scheme named as voluntary separation scheme (VSS). There is improvement in the technology after privatization like DSL, BroadBand, IPTV, optic fiber cables and voice messaging. Their is a great reduction in the international calls rate. The U-Fone is earning large amount of profits, its efficiency has increased and privatization has a positive effect on it. He told us about the challenges which company is facing. The main challenges are competition due to expansion, customer satisfaction and internal employees satisfaction. 38

Privatization of PTCL

Questionnaire Privatization of PTCL

The students of International Islamic University design this questionnaire to research the opinion of official about the privatization of PTCL. The opinion of employees will be kept confidential. Name: _________________ Occupation: ________________

1. Do you think there was a need of privatization of PTCL? a) Strongly disagree b) Disagree c) Neutral d) Agree e) Strongly agree Comment ______________________________________________ 2. What do you think, which factor leads to the privatization of PTCL? a) Low efficiency b) Poor services c) Competition factor d) less access of company to capital Comment ______________________________________________ 3. If the workers or employees of PTCL strongly rejected the privatization then dont you think that it is better to go with employees? a) Strongly disagree b) Disagree c) Neutral d) Agree e) Strongly agree Comment ______________________________________________ 4. Do you think net profits of the company increases with the privatization of PTCL? a) Yes b) No Comment ______________________________________________ 5. Do you think the efficiency and productivity of the employees increases with the privatization of PTCL? a) Strongly disagree b) Disagree c) Neutral d) Agree e) Strongly agree Comment ____________________________________________________

39

Privatization of PTCL 6. Are you satisfied with the salary packages and other facilities given to you after privatization of PTCL? a) Yes b) No Comment ______________________________________________ 7. Does the infrastructure of the company changes with the privatization of PTCL? a) Yes b) No Comment ______________________________________________ 8. Do you feel your jobs secured after privatization of PTCL? a) Strongly disagree b) Disagree c) Neutral d) Agree e) Strongly agree Comment ______________________________________________ 9. Does the services offered to its customers increases with the privatization of PTCL? a) Yes b) No Comment ______________________________________________ 10. Which subsidiary of PTCL is earning more profits after privatization? a) U-fone b) Paknet c) None 11. Has there been an increase in employment opportunities after privatization of PTCL? a) Yes b) No Comment ______________________________________________ 12. Has the network accessibility improved after privatization of PTCL? a) Yes b) No Comment ______________________________________________ 13. Have there been technological advancements after privatization of PTCL? a) Yes b) No Comment ______________________________________________ 14. Have the working environment improved after privatization of PTCL? a) Strongly disagree b) Disagree c) Neutral d) Agree e) Strongly agree Comment ______________________________________________

40

Privatization of PTCL

Questionnaire
Q. 1. Do you think there was a need of privatization of PTCL?

Need of privatization of PTCL

23%

28%

23%

6%

20%

Strongly disagree Disagree Neutral Agree Strongly agree

Figure 5.Need of privatization of PTCL

There is the mixed opinion of employees about the privatization of PTCL. Most of the employees disagree with the privatization. The highest percentage and the comments of employees show that they are not in the favor of privatization. The replies we received for this question, the feedback results in 28% employee strongly disagree, 20% disagree, 6% are neutral, 23% agree whereas 23% of the employees strongly agree that there was a need of privatization of PTCL.

41

Privatization of PTCL

Q.2. What do you think which factor leads to the Privatization of PTCL?

Factor leading to privatization of PTCL

Low effiency
11% 17% 0%

Poor services Com petitation Less access of com pany to capital

72%

Figure 6.Factor leading to privatization of PTCL

Mostly employees think that the factor which leads to the privatization of PTCL is Competition factor. The feedback shows that only 17% employee think that low efficiency leads to privatization of PTCL, 11% believe that less access of company to capital was the factor that leads to the privatization of the company and 72% thinks that it was because of the increasing competition in the telecom sector. Due to liberalization and deregulation competition among telecom sector increases which leads to privatization of PTCL.

42

Privatization of PTCL

Q. 3.If the workers or employees of PTCL strongly rejected the privatization then dont you think that it is better to go with employees?

14%

17%

Strongly disagree Disagree Neutral

20%

38% 11%

Agree Strongly agree

Figure 7.Opinion of employees

The

majority of the employees agree with this statement that the government must go with the employees opinion. Most of the employees give their opinion that employees of PTCL were not given importance during privatization. Top management did not consider their opinion important while taking decision of privatization. On the other hand some employees of top management said that it was in the benefit of the company to privatize and it will be helpful for the employees in the future.

43

Privatization of PTCL

Q.4. Do you think net profits of company increases with the privatization of PTCL?

Net profit
25%

Yes
75%

No

Figure 8.Net profits

The net profit of the company decreases with the privatization of PTCL. Most of the people agreed that with the privatization net profits of the company decreases. Some of them give their opinion that this reduction in net profits is due to increasing competition. So there is not so much improvement in net profits after privatization.

44

Privatization of PTCL

Q.5. Do you think the efficiency and productivity of the employees increases with the privatization of PTCL?

Improvement in the efficiency and productivity of employees

11% 17% 23%

Strongly disagree Disagree Neutral Agree Strongly agree

17% 32%

Figure 9. Improvement in efficiency and productivity of employees

Most of the employees said that the efficiency and productivity of the employees has decreased after privatization. They are quite confused after privatization and they can not work properly under Arabs control which affected their efficiency and productivity. Some of the employees have positive approach and they said the efficiency has increased and now there is better environment for employees to work.

45

Privatization of PTCL Q.6. Are you satisfied with the salary packages and other facilities given to you after the privatization of PTCL?

26% Yes No 74%

Figure 10.Satisfaction of salary packages

Most of the employees are not satisfied with their salary packages and other facilities given to them after the privatization of PTCL. Some of the employees said that after privatization there is no improvement in their salary. It is fixed from past 3 years. So they are not satisfied with their jobs. Their is only increase in the salaries of top management and no special salary packages are given to lower level employees.

46

Privatization of PTCL

Q. 7. Does the infrastructure of the company changes with the privatization of PTCL?

40% Yes 60% No

Figure 11.Infrastructure of the company

47

Privatization of PTCL Most of the employees think that the infrastructure of the company has improved after privatization .While 40% employees disagree with it they said that there is no change in the infrastructure after privatization. The infrastructure of the company was not at all good before privatization. There is much improvement after privatization.

Q. 8. Do you feel your jobs secured after the privatization of PTCL?

6% 14%

17%

Strongly disagree Disagree Neutral

20% 43%

Agree Strongly Agree

Figure 12.Security of Jobs

48

Privatization of PTCL Most of the employees do not feel their jobs secured after the privatization of PTCL. They said that after privatization fear develops among the employees that they could be asked any time to leave the job. Thats why employees do not consider privatization a good option. Only 20% of the employees feel their jobs secured which is quite less and most of them belong to top management.

Q. 9. Does the services offered to its customers increases with the privatization of PTCL?

34% Yes No 66%

Figure 13.Services offered to customers

49

Privatization of PTCL Most of the employees think that the services offered to the customers by the company increases with the privatization of PTCL. Many new services and packages are introduced for customer satisfaction and for retaining customers in this period of greater competition. Now many new packages and services are offered after privatization. 34% employees said that the there is no improvement in the services after privatization.

Q. 10. Which subsidiary of PTCL is earning more profits after privatization of PTCL?

34%

U-fone Paknet
66%

0%

None

Figure 14.Subsidiary of PTCL

50

Privatization of PTCL The majority of the employees think that the U-fone, subsidiary of PTCL is earning more profits after privatization of PTCL and its profits and customers are increasing day by day. It is one of the leading cellular company in Pakistan. 34% said that there is no improvement in the subsidiaries of PTCL. No one thinks that there is any improvement in paknet after privatization. Its profits are declining day by day.

Q. 11. Has there been an increase in employment opportunities after the privatization of PTCL?

43% Yes 57% No

Figure 15.Employment opportunities

According to the employees opinion there has been an increase in employment opportunities after the privatization of PTCL. Now many new employees have been hired at different positions. On the other hand 43% disagree with it. they thought that after 51

Privatization of PTCL privatization many employees leave the job so job opportunities do not increases with it.

Q.12. Has the network accessibility improved after the privatization of PTCL?

23%

Yes No 77%

Figure 16.Improvement in network accessibility

52

Privatization of PTCL Most of the employees agreed that the network accessibility has improved so much after privatization. Now broadband is also introduced after which there is much improvement in network. The network is extending day by day in smaller cities. On the other hand 23% people disagree with it.

Q. 13 Have there been technological advancements after privatization of PTCL?

31%

Yes No
69%

Figure 17.Technological advancement

53

Privatization of PTCL The technology has increased so much after privatization. Now the technology used is according to latest needs.69% agree with that while 31% employees think that there is no improvement in technology after privatization.

Q. 14. Has the working environment improved after the privatization of PTCL?

6% 17%

17%
Strongly Disagree Disagre Neutural Agree Strongly agree

26%

34%

Mostly employees disagree with this statement that the working environment improved after the privatization of PTCL. Now employees are not so much motivated and sincere to

54

Privatization of PTCL their jobs which affect their productivity. Only 23% of the employees think that the working environment of the company has improved.

55

Privatization of PTCL

Conclusion & Recommendation

In our research project we basically want to know the factors which lead to privatization of PTCL and the changes & improvement after the privatization of PTCL. Due to the deregulation and with the increase in customers of cellular companies the growth of PTCL decreased. PTCL was unable to survive in this era of competition. Factors leading to the privatization is the tremendous Competition in the telecom sector. So privatization became necessary for PTCL. During the privatization of PTCL many employees were against of it. A large number of the employees protested against the privatization. But this protest was ineffective so finally the privatization of PTCL took place on 18 June 2005.

The Etisalat owned PTCL has been engaged in battles with new competitors and regulatory body (PTA) on one hand and faces internal organizational issues on the other. Its profits have been sliding.The net profits of the company decreases by 5.14 billion. It can be increased by attaining more and more customers and by offering different packages.

After the privatization of PTCL the PTCL offer their employees voluntary separation scheme (VSS). The company has also strengthened its regulatory department to better manage regulatory affairs, license obligations and interconnection functions. But the efficiency and the productivity of employees has decreased because employees dont feel their jobs secure. They are not satisfied with the salaries packages and the other facilities provided them by the company which affects the productivity of both employees and the company. The weak working environment of the company can be improved by motivating the employees for achieving goals and objectives for the betterment of the company. They can improve the efficiency of employees by increasing their salaries and offering different bonus packages. Their should be permanent employment instead of contract based employment to satisfy the employees.

After the privatization of PTCL the main focus of the company is to transform itself and also the customer satisfaction. For their customer satisfaction PTCL offered the multi

56

Privatization of PTCL channel Inter Protocol Television (IPTV) project, Broadband Pakistan, V-fone brand, Dot.Com service and also, 330 new towns were brought on the Optical Fiber Network expanding the facility to 1030 cites country wide. Another positive thing is that the rate structure has also been simplified. Interestingly calls to mobile phones are Rs. 2.50/minute - it means it costs more to call someone in your own town than calling the other continent. PTCL has decided to compete on volume than price. This goes to show that with changing technologies and fierce competition brought by deregulation, price barriers have been removed. The lower rates and simple rate structure brings relief to consumers and makes their lives easier The PTA had noted service problems such as fault in service, excess billing, fault-clearance, response-time and call failure rate. The employees of customer and care department should be properly trained to handle employees and their problems. PTCL need some good web development team that can deliver a coherent and functional public interface for them.

Ufone is now considered to be one of the most active, aggressive and innovative players in the mobile sector of Pakistan. under the management of Etisalat, Ufone will concentrate on customer needs and benefits and is more determined than ever to be the leading cellular player in the market. Ufone changed the image of mobile phones from a luxury only affordable by the elite, to a necessity affordable by the common man.

PTCL also have to look on its sick units like Paknet an ISP and the CTRL labs which haven't came up with any new researched technology for the company as well as for the costumers

We can say that privatization was a good decision and it brings a revolutionary change in the whole company. Privatization brings improvement in the technology and the services given to the customers. Now customers are satisfied with different packages given to them. Although many employees were against the privatization but it will be beneficial for them and the company in the long run. . 57

Privatization of PTCL

Reference:
http://www.monthlyreview.org/1005akhtar.htm www.ptcl.com www.ptcl.net www.privatisation.gov.pk

58

Privatization of PTCL

References

59

Thesis on deregulation of telecom sector in Pakistan by Maryam Malik, faculty of management sciences, department of technology management 2006
ii

www.wikipedia.com http://www.ptcl.com http://www.etisalat.ae

iii

iv

PC Clarifies News Report on PTCL Sale Islamabad, August 31, 2006

vi

Pakistan accepts Etisalat's $2.59 bln PTCL bid By Aziz Malik - Pakistan Times Federal Bureau Chief
vii

PTCL announces financial results ,net down by 25% Published by Babar Bhatti on September 14, 2007
viii

THE NEWS June 17, 2005 PTCL bidding tomorrow

ix

DAILY TIMES Sunday, June 12, 2005 Govt announces PTCL bidding on 18th
x

DAILY TIMES June 17, 2005 By Staff Report Malik calls sale of PTCL illogical
xi

DAWN June 17, 2005 By Our Staff Reporter KARACHI: Rally against PTCLs privatization held
xii

Final project on Pakistans telecom profile by Syed Ali Faheem Naqwi, Faculty of Management sciences, department of technology management 2005
xiii

www.teralight.com/wpapers/how-PTCL-will-look-like-after-privatization.pdf

xiv

Final project on Pakistans telecom profile by Syed Ali Faheem Naqwi, Faculty of Management sciences, department of technology management 2005
xv

www.teralight.com/wpapers/how-PTCL-will-look-like-after-privatization.pdf

xvi

Interview conducted from Mr.Gul Ahmed (executive vise president )Regulatory affairs on 19th November,2007
xvii

final project on privatization of telecom sector By Ali Hamza , Faculty of Management sciences, department of technology management 2006
x xviii

Pakistani workers revolt against PTCL privatization Security forces poised to attack occupation

By Vilani Peiris and Keith Jones 4 June 2005

xix

http://telecompk.net/2007/09/04/ptcl%e2%80%99s-privatization-the-biggest-financial-scam-in-pakistan%e2%80%99shistory/
xx

Pakistani workers revolt against PTCL privatization Security forces poised to attack occupation By Vilani Peiris and Keith Jones 4 June 2005
xxi

Annual report of PTCL,2007 http://telecompk.net/2007/04/29/ptcl-performance-review-recommendations/ Annual report of PTCL,2006 http://telecompk.net/category/ptcl/ www.ptcl.com Annual report of PTCL, 2007 http://telecompk.net/2007/08/06/the-road-forward-for-broadband-in-pakistan/ Annual report of PTCL, 2007

xxii

xxiii

xxiv

xxv

xxvi

xxvii

xxviii

xxix

www.ptcl.com Annual report of PTCL, 2007 Annual report of PTCL, 2006 www.teralight.com/wpapers/how-PTCL-will-look-like-after-privatization.pdf Annual report of PTCL, 2006 www.ptcl.com Annual report of PTCL, 2006 http://www.itinsight.info/ptcl_likely_to_pose_more_profit.htm http://telecompk.net/2007/04/29/ptcl-performance-review-recommendations/

xxx

xxxi

xxxii

xxxiii

xxxiv

xxxv

xxxvi

xxxvii