Warid Telecom to invest additional $1bn by end of 2009
9 years ago
Waird Telecom has decided to aggressively start its network rollout throughout the country. For the purpose, Warid has announced to invest US 1 billion dollars till end 2009. In an interview with Romail Kenneth of ‘Daily Times’, Marwan Zawaydeh, CEO Warid Telecom has confirmed this upcoming investment. Along with he said that Warid Telecom is well positioned to fight for second place in Pakistan Cellular Market.
It merits mentioning here that Warid is currently at forth slot with 14.76 Million customers, almost 2.47 million customers behind Telenor, the 3rd largest cellular company of Pakistan(As of April 2008).
This upcoming investment will be mainly utilized to expand the network reach throughout the country. With this announced investment Warid Telecom’s total investment in the sector will reach 2.5 Billion US dollars.
Warid’s coverage spans in 250 cities in Pakistan, however they are quite strict in adding new cities by taking their coverage to only those areas which have fully functional sales and franchise network.
It maybe recalled that Warid Telecom has sold its 30 percent shares valuing US 758 Million dollars to Singtel of Singapore to support its expanding network requirements. Before that Warid had sealed a loan agreement deal of US 500 Million dollars with Standard Chartered Bank and ABN Amro Bank in November 2006.
Another event happened today, which I want to integrate in the post is about the re-launch of Company’s new logo “Life ka Network” in Lahore. Warid’s CEO re-launched the Logo which looks like backing the idea of connecting every corner of Pakistan through its network.
Zawaydeh gave a detailed presentation on company’s achievements on completion of three-year operation in Pakistan and Mr. Thomas Yeo highlighted the future plans of the company.
I am also going to cover Warid’s third anniversary on May 23rd 2008 with stats and company achievements in its three years life…