PTCL enters binding offer for Warid

23 Dec 2013

Incumbent operator Pakistan Telecommunications Company Ltd (PTCL) has submitted a binding offer to acquire a 100% of the shares of wireless operator Warid Telecom, the Daily Times writes, citing a notice from the Karachi Stock Exchange (KSE). Abu Dhabi group, the majority owner of Warid, reportedly set a reserve price of USD500 million for the cellco, deterring China Mobile – through its local unit ‘Zong’ – entering a bid. Alongside PTCL, which operates in the wireless sector under the ‘Ufone’ brand, Russia’s Vimeplcom is understood to be considering an offer to bolster its local Mobilink unit.

Pakistan, Pakistan Telecommunication Company Limited (PTCL), Warid Telecom (Jazz)