We reported earlier that Wateen was having trouble with cash in hand; however, the situation has changed during last month.
We are now told by sources with-in the company that Wateen has recovered hefty amount from Warid and couple of other international vendors that includes Saudi Telecom. So the crisis is apparently over and company is back on track.
By the way, this pending recovery was under the LDI account.
Not only this, Wateen is ready for IPO, though Stock Exchange hasn’t confirmed us regarding the any application for IPO from Wateen yet, but we are told that Wateen has changed its status and name at SECP, meaning that it’s no more a private limited company.
There are rumors that a cellular provider operating in Pakistan may buy significant shares in Wateen, once IPO is done, but we couldn’t confirm this news.
And lastly, Wateen Employees are going to get bonus next month. Most of them are entitled with one salary, while exceptional employees should expect more than one salary as bonus.
Service is still Pathetic.