Telekom Malaysia: Deadline For Pakistan Bid In May

KUALA LUMPUR -(Dow Jones)- Telekom Malaysia Bhd. (4863.KU) Friday said the deadline for bids for a 26% controlling stake in Pakistan Telecommunications Corp. (PTC.KA) is May.

"If I'm not mistaken, (the deadline for bids) will be in May," Chief Executive Abdul Wahid Omar told reporters at the signing of an agreement between Telekom and Cisco Systems Inc. (CSCO)

Wahid also indicated Telekom Malaysia may jointly bid with another company for the stake in Pakistan Telecommunications, or PTCL, which is currently about 88%-owned by the Pakistan government.

"We're keeping our options open," Wahid said, adding that "Telekom will undertake a detailed assessment" before making a bid.

"We have to do a lot more in terms of evaluations," Wahid said.

PTCL operates over 4.4 million fixed telephone lines in Pakistan and owns cellular operator Pakistan Telecommunication Mobile Ltd. as well as Internet service provider Paknet.

In November 2004, the Pakistan government said it will sell a 26% management stake in PTCL by June this year.

Telekom is among 14 companies that have formally expressed interest in the stake. Other potential bidders include Telecommunication Corp. UAE, Singapore Telecommunications Ltd. (T48.SG), and Saudi Oger Ltd. (SO.YY)

Telekom's interest in PTCL follows a spate of regional investments by the company as the local telecom market grows increasingly crowded.

-By Azizul Shamsuddin, Dow Jones Newswires; (603) 2692 5254, azizul.shamsuddin@dowjones.com

-Edited by Marissa Chew

(END) Dow Jones Newswires"

Posted to the site on 4th February 2005