Warid Telecom was a joint venture between Abu Dhabi Group & SingTel Group. Abu Dhabi Group entered into a strategic alliance with Singapore Telecom. Subsequent to this transaction in May 23 (2005), telecom giant SingTel acquired 30% percent equity stake in Warid Telecom, Pakistan. Abu Dhabi Group (ADG) has bought back its shares from Singapore’s Singtel, a source just confirmed. ADG desires to consolidate its telecom operations in Pakistan for a larger and profitable entity. With 100% ownership in Warid Telecom, Abu Dhabi Group has further reinforced its commitment to the company. This strategic decision will allow the Group to have a more focused approach as Warid enters its 8th year of operations in Pakistan.
The group in its press statement said that with the 100% ownership in Warid Telecom, they had reaffirmed their commitment to its subsidiary and the Pakistani telecom sector. According to the latest statistics released by the Pakistan Telecommunication Authority, the number of cellular subscribers in Pakistan surpassed 123 million at the end of November 2012.
Warid Telecom added 181,877 new subscribers and stood last in the ranking with 12.943 million subscribers on November 30, 2012, preceded by Zong, Mobilink, Telenor and Ufone.
The buyout comes at a time when Warid is about to enter its eighth year of operations in the country.
After the acquisition the group plans to improve Warid Telecom’s operations in Pakistan by introducing new technologies, services and packages.
Abu Dhabi Group is a large business conglomerate in the Middle East and one of the largest foreign investors in Pakistan. It has diversified business interests, offering strong financial resources and extensive management expertise that result in commercial success for several institutions. The Group’s interests in Pakistan range from Information and communication technologies (ICT), financial services, energy, hospitality & real estate, healthcare and agriculture.