BERTRANGE, Luxembourg, Aug. 09, 2004 (PRIMEZONE) -- Millicom International Cellular S.A. ("Millicom") (Nasdaq:MICC) (Stockholmsborsen:MIC), today announces that its subsidiary Paktel will appeal against the High Court decision of last Friday. The PTA (the Pakistani regulator) has claimed that Paktel should pay $39m in order to switch on its new GSM network and Paktel disputes the basis of this claim. In the High Court, the Judge did not consider the merits of Paktel's position, as the claim was ruled out on a technicality, but instead gave Paktel leave to appeal. Paktel will now file an appeal as the next step in the process.
Paktel has also launched an appeal against the PTA's decision to demand the payment of $291m from Paktel to extend its license for 15 years in April 2005. Under the terms of the "2000 rules and regulations" derived from the 1996 Pakistan Telecommunications (Reorganisation) Act, the PTA's terms and conditions for renewal of the existing license provide for an annual fee of not more than 4% of annual revenues. Paktel is happy to pay in line with these terms and conditions. Therefore the company is seeking judgment from the High Court on the basis of the above.
Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 16 cellular operations and licenses in 15 countries. The Group's cellular operations have a combined population under license of approximately 387 million people.
This press release may contain certain "forward-looking statements" with respect to Millicom's expectations and plans, strategy, management's objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that Millicom's actual results in the future could differ materially from those anticipated in forward-looking statements depending on various important factors. Please refer to the documents that Millicom has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Millicom's most recent annual report on Form 20-F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to Millicom on the date hereof. All written or oral forward-looking statements attributable to Millicom International Cellular S.A., any Millicom International Cellular S.A members or persons acting on Millicom's behalf are expressly qualified in their entirety by the factors referred to above. Millicom does not intend to update these forward-looking statements.
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