Warid Telecom is likely to get an equity injection as a first trench to support the company to streamline it’s operations, we have confirmed this with two different sources close to the company.
One source said that this injection could be as high as US$ 35 million or Rs. 3 Billion, while other source was unclear about the exact value of capital that Warid will get from shareholders.
Warid has been struggling for long to get aggressively into the cellular front-end race, which was earlier disrupted due to it’s possible sellout and was later hampered due to top level management changes in the company.
After two years of tremble, Zouhair Khaliq was given the headship earlier this year, who had nothing much (in terms of finances) to bring the company back to track. In addition due to alleged conflicts with-in the company, Zouhair Khaliq is yet to deliver the results.
However, with this anticipated fund injection, it is hoped that Warid will be able to better it’s positioning in the market.
Expect more news, maybe an official statement, on this development in coming days.
All bugets have approved and plans prepared, may be in october some thing is coming up for customer as well.
Singtel was very anxious to invest in Pakistan telecom industry after losing bid for PTCL. Hopefully they’ll be paying.
Good to hear this but I am afraid it is too late now for Warid. It is almost impossible to grab the customers from other Telecom Giants.
Forget it, warid is almost dead now, R.I.P
Nice, Pakistan as in country has lot of potential, even for telecom sector, e.g.
– we are the 6th largest population of the world
– actual cellular penetration is still less than 50%
– over 35% population is still less than 15 years old, means telecom users will continue to grow in the coming years
– telecom facilities are rapidly spreading in the rural areas
Only thing we lack is the right leadership, because being the 6 largest populous country means that slight improvement in economic condition may easily translate into billions for investors. Similary, telcos are facing huge losses due to energy crises in the country, hopefully once resolved will enable these telcos to provide better services.
It is the right time for investors to support their operations in the Pakistan and not to think about losing their investment.
To me, it is the time of INVESTMENT not SALE. Even if you ask anyone that what is the best time of buying a property, he would say when prices are low, prices are expected to increase in future, economic conditions are expected to improve. I guess, Pakistan is also standing at this point where prices of stocks are low, but economic situation will improve, may be not in a year or 2, but for sure in 2-3 years time period.
& I am glad that Warid shareholders are injecting money when Pakistan’s economic situation is not good. They made a sensible move as business are operated with short-term view of 1 or 2 years…its a long-term game!
Whats gone is gone, PAKISTAN WILL RISE, PEOPLE OF PAKISTAN WILL BUILD A NEW PAKISTAN, GREATER PAKISTAN! CHANGE WILL COME & THAT WILL BE GOOD FOR EVERYONE INCLUDING THESE FOREIGN INVESTORS!
Certainly, it will be miracle if, present warid management can attract any investor.absolute breakdown of team sipirit.
Until and unless there is some strategy & direction, no amount of money can stop the rot that has set in at Warid. The employees morale is really low (the non connected ones) and everybody is applying and trying to get out.
yes true these two bros Bashir and perviaz have loooted Abu dhabi group.
These kind of people have made bad image of pakistanis
These bros made Warids main datacenter at there place at thokar niaz baig Lahore.
First wants to shift this to some other location and these bros have damaged which we even can imagin also Tariq Malik did the same in wateen. Problem is not in investor
we as pakistani are responsible for all this.
Warid and Wateen are getting new owners. Talks are in final stages for purchase by Qtel. Qtel is already investing in Pak under the Witribe banner but this venture is going nowhere and Qtel wants also to enter the competetive mobile phone space. It wants to use Warid mobile towers for new 4G network.
Qtel no where, not possible if its in talks for sale than why wateen is relaunching on 15th october with full force in media and almost upgraded its network. Reema and Shan are coming as brand ambssisdor of wateen. Also planned 500 wifi hot spots in KHI LHR and ISD this totally new concept in pakistan. Totally wrong info you have about this industry Qtel is small investor.
I have heard the same thing as @Qatari. From reliable sources. That the deal will mature with Wateen and Warid in their current state is still a mystery. But Qtel has a strong interest in expanding outside of Qatar since the mobile penetration is more than 100% in Qatar.
Who knows how the mobile and internet industry will pan out, anyway why so much praise for Wateen? Do you work there? I guess you do because you are privy to their launch dates in advance and their wifi strategy. Good for you.
I think you need to also get from your management a really good excuse for not publishing one financial statement since 2010 and why their stock price which sarted at Rs 10 is now hovering near Rs 1.5??
http://www.statestimes.net/2012/08/wateen-seeks-kse%E2%80%99s-extension/
@Salman Ha
Working at Wateen is a crime????????????? Yes I work there, though I am not sure about Waqas & it’s really a great company. Share value at 1.5 rupees does not mean that it will remain there forever & even if it remains there (although I am sure it will significantly improve in near future), still one thing is for sure that everyone at Wateen is very much dedicated, from top to bottom. So we are not worried about the destiny but we know that will be happy because we did our best & we will have no regrets at the end of the day.
@ Waqas, Agreed. We as a nation should learn from our mistakes and make sure that we do not repeat the history.
& Frankly lets not say that everyone in warid is applying or wants to get out of warid.
Look @ Zouhair Khaliq & Atif Bajwa who joined from Market Leader Mobilink & Pakistan’s renowned banks like MCB & Soneri.
No matter whatever everyone says. It is in the best interest of our country, our people that these investors grow as these are the ones who gave boom to Pakistan’s economy during last 10 years. These are the one who gave thousands of job opportunities.
I can bet that with a single company like zong, more than 10 thousand families are earning.
@AA
You’re right and these multinationals have taken out 5 times more than they have invested. This is a clear fact. They may have created jobs, but companies such as Mobilink sent out their profits and built up the Orascom empire world over. Obviously people are scared to report this because Orascom will stop advertising with them. Thankfully we have blogs like this one that is least bit concerned with advertising revenue and is objective.
I think we should have the model of India where companies like Reliance and Tata and others keep the wealth within home country and use the profits for global expansion and bring back profits to home country. These companies created jobs locally also. I am not saying we shouldn’t support multinationals, I am saying we should support local companies more. And the jobs will be created no matter whom we support.
we can not do this even in next hundred years. As we don’t have any vision. We all are responsible for this.
And those who are investing in PK we are discoureging them. First geneate money. Also fact that local business men are not paying taxes. These are only multinationals which are paying almost fair taxes. Again we as pakistanis are responsible for this.
Very true.
Telecom sectory is 100% owned by foreign investors & government is discouraging them by imposing discriminatory taxation.
General Sales Tax on any product is 16%, while telecom services are taxed at 19.5%
But i will stick to the original point. Situation will change, these short-terms losses will be over once economic situation improves. Remember we are 6th most populated country and key driver of telecom business is the number of users & we have that.
All we have to do is to try our best for positive change & things will be right for the investors as well as for the people of Pakistan!
@ Salman
I agree, we must support local investors.
I am working in one of FMCG multinational and responsible of IT and Telecom. And used all operators and found that Warid and Wateen are still best for users but for employees I have different opinion
I don’t Know why the chairman AbuDhabi are not intelligent man.
You are rich but not clever.
Why you use Pakistan us Management.
Corruption will killed them
My companies all directors are foreigners and it is so easy to make them fool and peoples are looting company.
It is much better that you can have best Pakistani at top
Please make me your customer provided that undermentioned number is available.
0 3 2 2 7 5 2 8 2 5 4
b a r k a t a l i