Pakistan Electronic Media Regulatory Authority (PEMRA) completed the auction of all three licenses for Pakistan’s first Direct to Home Service (DTH) on Wednesday, 23 November 2016.
By the Grace of Allah, The Credence Group has achieved another milestone. M/s Mag Entertainment (Pvt.) Ltd. won the bidding by raising the highest offer in the auction of DTH License. Mag Entertainment is a Credence Group Company and sister concern of Dollar East Exchange Company, the leading exchange company of Pakistan.
Mr. Muhammad Farooq Dar, Vice Chairman, Credence Group led the M/S Mag Entertainment efforts in DTH auction process.
Other two companies who won the bidding followed by M/s Mag Entertainment were M/s. Shahzad Sky and M/s. Star Times Communications respectively. Earlier, eleven parties took part in the bidding process. The sealed bids were opened and announced in front of bidders, media persons and various stakeholders present there. The DTH license will be issued for initial period of 15 years.
“The current analogue distribution system is offering a maximum of 80 channels while the DTH would increase the capacity to around 120 channels and each local DTH license holder is expected to have at least 500,000 subscribers,” said Mr. Absar Alam, Chairman PEMRA.
PEMRA Chairman congratulated the winning companies and said the initiative was going to be a game-changer for Pakistan’s electronic media industry.