Wateen Telecom will embark on an international roadshow within the next three months to raise 1.5 billion Pakistani rupees for future growth, reported Dhabi Group’s UAE based newspaper “The National”, citing Tariq Malik, CEO Wateen Telecom.
Paper reported Mr. Malik as saying that the company was looking to expand its operations in Afghanistan and was contemplating a dual listing of its shares on the Abu Dhabi Securities Exchange.
“We are doing a roadshow in the Middle East and the US within the next month because we want to diversify our investor base,” Mr. Malik said.
Wateen launched an initial public offering (IPO) on Pakistan’s Karachi Stock Exchange last month, which raised 2bn rupees.
“Now that we have a listing and we have an open market price, the next phase is to find a kind of a long-term strategic investor in the business,” added Mr. Malik.
In its prospectus, Wateen Telecom reported it had revenues of 16.1 billion rupees and an operating profit of 3.01 billion rupees. It is one of the country’s largest wireless providers but focuses on wholesale internet access for businesses and other operators.
The company has started selling satellite services to mobile operators in Afghanistan’s rural areas, generating about US$ 25 million in sales, and was looking to provide more wireless broadband packages in the country, Mr Malik said.
“We haven’t given any dividends this year and 100 per cent of our profit is reinvested, primarily in Pakistan,” he said.