Thursday 4 February 2010
Group to sell Pakistan stake
The Abu Dhabi Group, an investment company led by members of the Royal Family, is in talks with several Pakistani telecommunications groups to sell a controlling stake in Warid Telecom in a deal that would create the largest mobile phone operator in the country.
The company would not reveal the size of the stake or the value of the prospective deal, but said it was looking to offload a sizeable shareholding along with management control. In July 2007, the Abu Dhabi Group sold a 30 per cent stake in Warid Telecom’s Pakistani network for US$758 million (Dh2.78 billion) in a deal that valued the whole company at $2.9bn.
Sources close to the investment group suggested Warid’s value had shrunk by between 30 and 40 per cent, meaning the company is worth about $1.8bn. It has also recently sold a 51 per cent stake in its two largest African networks to India’s Essar, and 70 per cent of its Bangladeshi network to Bharti Airtel. The Abu Dhabi Group, the largest shareholder of Warid Telecom, is shifting its investment strategy from managing telecoms assets to acting as a passive investor.
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ReplyDeleteWarid Not Selling its Stakes
Recently there have been misplaced news items in certain section of the press that Warid Telecom Pakistan may be up for sale because of the shrinking interest of the sponsors relating to the market conditions in Pakistan. Warid Telecom Pakistan categorically and unequivocally denies such reports and impressions. Warid Telecom Pakistan is not being sold off rather is on course with its expansion plans with the continuing focused view to extend quality services to its loyal customers to whom it is deeply grateful. Warid Telecom Pakistan also extends sincere thanks to its business partners for their support and professional contribution.
Bashir A. Tahir
Chief Executive Officer
Warid Telecom International