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.