Abu Dhabi repurchases Warid shares

30 Jan 2013

UAE-based Abu Dhabi Group has announced that it has reacquired the shares in Warid Telecom sold to Singapore Telecom (SingTel) in 2007. Pro Pakistani writes that SingTel received USD150 million for the 30% stake, and will be entitled to 7.5% of the proceeds from any future sale or public offering of Warid. The deal returns Abu Dhabi Group’s holding in the cellco to 100%. A spokesperson for the group commented on the transaction: ‘The Abu Dhabi Group has a diverse investment portfolio in Pakistan and is one of the leading foreign investors in the country. With this step of acquiring complete control of Warid Telecom, the Group is reaffirming its commitment to Warid and the belief that the Pakistani telecom sector is set to grow further. The Group plans to continue to improve Warid Telecom’s operation in Pakistan by introducing new technologies, services and packages.’ According to TeleGeography’s GlobalComms Database, at the end of September 2012, Warid claimed 12.65 million subscribers, down from 16.33 million a year earlier.

Pakistan, Singtel, Warid Telecom (Jazz)