Breaking: Wateen to Go for IPO

Wateen has decided to go for Initial Public Offering (IPO) within next eight to ten weeks, revealed Tariq Malik, Chief Executive Officer (CEO) Wateen Telecom, while addressing the employees of the organization.

The meeting was shown live on the next generation network already installed by Wateen’s team across the country. “Wateen is here to stay and we are going for expansion or further strengthen our financial health by swapping high-priced commercial loans with the finance acquired through IPO.  This would improve the balance sheet of the company,” said the Wateen chief.

He also rubbished different rumors that the company had prepared lists for retrenchments or that the company was about to go bankrupt. Neither is going to happen, he said, adding that the employees would be paid bonuses.

Mr Malik said that different strategic investors from middle east are interested to invest in Wateen.

Putting to rest all speculations that the company was facing economic difficulties and could go bankrupt, the Wateen CEO said tough time for the company was over and now it was going to set again new enviable standards of performance and service in the telecom sector. He directed the staff members to address the subscribers’ complaints as efficiently as possible.

How can a company with more than Rs 16 billion annual revenues and Rs 915 million post-tax profit be facing bankruptcy, he asked.

He said the company had emerged as the second largest wireless broad band internet service provider after PTCL, which in itself was a greater achievement is a short span of time. He believed Wateen would transcend all its competitors pretty soon.

About the expansion plans of the company, the Wateen CEO said it would soon be expanding its wings to other countries and homegrown solutions would be marketed to the Gulf, Europe and America. Wateen is also venturing into media and new media services and the same will be commercially launched during the current financial year.

Urging the staff members to bury their despondency to improve their working, he said the company regarded its employees as its greatest and most precious asset. He said that annual and performance bonuses would be given to employees as per tradition of the company, for which a review would be completed towards the end of December.

Tech reporter with over 10 years of experience, founder of ProPakistani.PK


  • Muhammad Ali

    wateen ki to new offers hi nahi aarahi hain…

  • zubair

    DTH fiber and dish is coming..

  • Mehwish Kayani

    Actually, Public opinion abt Wateen is no less than complicated. Not checked it personally, any eay it’s good that they have rubbished the rumors. Wateen has been in clouds of rumours since begining.

    • SALMAN MALIK

      Mehwish ur 100% rite………….i have three devices on diffrenbet places ……but problem is same some times signal not comes ….they says access point may problem hay ……ajkal pura network down hay incleding warid becoz they are same telecommunication ……..
      from the first say rumours were there …….till now and no improvement

  • A.R.S.

    lets see what will be there stats after IPO
    whether they are going to touch the sky or crawl to the ground….
    as for there service i am satisfied by them… much much better than ptcl although not enough speed and twice expensive but not a pain in ,,,, like ptcl

  • Financial Advisor

    More lies from a failing company. If they were to issue an IPO there would be a financial primary put in place to handle the prospectus. None have been allocated.

  • watni

    The staffof wateen has recieved their salary on 4th of this month which usually paid to them b4 the start of month and those who are entitled for fuel, they have recieved their fuel by the 22nd of this month and mr. TM is saying that company is not in crises. there a lot of things happening in this dying company.

  • Usman

    The more i hear and see with regards to Warid and Wateen the more i am convinced they are going bust. Move to another operator before they go down the same path as Instaphone……. i suppose the only benefit of staying with them is that the network quality will improve further because you would be the only handful of subscribers on the network :-)

  • shahid

    Friends, Its 11th Nov and still we have not recieved salaries. Low cadre employees are specially worried.

  • Ahmed

    I have been in very close contact with Wateen. Wateen had adopted the back door and cheating from day one. They installed their microwave dishes on Warid’s rented sites, depriving the owners of the properties from their rightful rent and commenting that its warid’s expansion. Soon the truth about wateen’s existance on warid’s rented sites came up and then wateen started paying rent. These rents were only paid to those owners who were creating problems in their operations. Then wateen adopted another strategy. They would try keep it a secret that wateen is installed, and if they were caught, then wateen would dismantle their apparatus and move to another location to avoid paying rent. If wateen succeeded in dismantling their apparatus, they never paid a dime for rent. Reason being, they had nothing at stake.

    A multinational company having such an attitude, and adopting cheating at their core level, cannot succeed at all. The barometer to pay rent is active only when they are stuck. Such unethical and deceitful attitude leads to disaster only.

    What i am saying with substantial proof. Everything can be supported with documents. I know of a few sites where the owners are hand to mouth ppl and one site belongs to a widow.

    Wateen, please wake up. Depriving widows of their lawful rent is just not acceptable. If you are in Pakistan to do business then do it properly otherwise PACK UP AND GET LOST (after clearing all your liability).

    Ahmed

  • waqas

    sir i have submit the wateen shares applicatiopn on 21april please tell me the balloting of these things.