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DTH licenses auctioned for Rs 14.69 billion

ISLAMABAD: Pakistan Electronic Media Regulatory Authority (PEMRA) auctioned the first three Direct to Home Service (DTH) licenses for Rs 14.69 billion in the wee hours of Thursday.

The highest bid was raised by Mag Entertainment for Rs4.91 billion, followed by M/s Shahzad Sky for Rs4.90 billion adn M/s Star time for Rs 4.89 billion respectively.

While taking to media, PEMRA Chairman Absar Aalam said that all the three licenses were sold for Rs 14.69 billion. The bidding war continued for more than 15 hours. Bidding process kicked off from Rs200 million and 11 companies took part in the auction.

Absar Aalam said that the winners will have to submit 15 percent of the license fee as first installment, 35 percent in the second installment and remaining dues in the last installment.