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ISLAMABAD, Apr 13 (Reuters) Dubai-based Emirates Telecommunications (Etisalat) has taken over management control of Pakistan's state-owned telecoms company, the privatisation agency said on Thursday.

Last month, Pakistan signed an agreement to transfer a 26 percent stake in Pakistan Telecommunication Co. Ltd worth $2.6 billion to Etisalat , the country's biggest privatisation to date.

''The completion of the successful privatisation of PTCL is a milestone in the privatisation and investment programme of Pakistan,'' the Privatisation Commission said in statement.

Under the deal the Dubai-based firm had paid $1.4 billion up front for the stake, with the rest of the amount to be provided in nine semi-annual instalments, the statement said.

''The handing over of PTCL management to (Etisalat) will help usher in the new era of telecommunications service in the country,'' the statement quoted Minister for Information Technology, Awais Ahmed Khan Laghari, as saying.

PTCL is Pakistan's second-largest listed company and has a market value of $4.3 billion. The deal with Etisalat involves 1.33 billion shares out of a total of 5.1 billion.

An earlier deal in June last year ran into trouble after the UAE firm failed to meet payment deadlines.

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