The Dhabi Group, parent company of Warid and Wateen, and the Essar Group have agreed to enter into exclusive discussions in relation to an investment by Essar Group into the telecommunications portfolio of Dhabi Group’s African assets, said an official statement issued by both the companies.
It is anticipated that Dhabi Group will partner with Essar involving an equity infusion into Dhabi Group’s telecom arms in Africa. Through this partnership, Dhabi Group is expecting to not only strengthen its presence but to expand operations in the region as well.
Standard Chartered Bank is acting as exclusive financial advisor to the Dhabi Group, further said the statment.
Dhabi Group has its operations in three countries in Africa including Uganda and Congo.
It merits mentioning here that Essar holds a 33% interest in Vodafone Essar, which is a joint venture with the Vodafone Group, and is one of India’s largest cellular service providers, with over 75 million subscribers.
Update: No words yet on value of investment from Essar and share ratio, however, sources familiar with the deal confirmed us that Essar will takeover controlling stakes in Warid Uganda and Warid Congo.
Pro Pakistani , Pakistani Telecom news are finished so u r telling us about africa, hu lo lol ,Be Serious , actually have u done any serious contribution to Pakistani people, which helped them or so , u r just a lamer, copier , and just making youth foool.
I do understand the level of your frustration, but at same time, i am sorry i can’t help you with this.
what happened of Singtel taking over warid operations in Pakistan ? it was supposed to happen in June. But till now no news from your side .
Dear Mr Aamir Atta,
What happen to your earlier news saying that Singtel be buying controlling share of Warid Pakistan ?
Today its 1 August, and we still await for the news or its denial, whatever.
@Khizar – news has been in process, through unofficial sources, we have come to know that Warid is in process of lowering its operating expanses, before the deal is made public.
However, no official words yet