PTCL enters binding offer for Warid

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.