Abu Dhabi Group, a business conglomerate in the Middle East and a major investor in Pakistan, has announced that it has reacquired SingTel’s shares in Warid Telecom that it had sold back in 2007.
As a result of this transaction, SingTel will receive US$150 million in cash and a 7.5% share of proceeds from any future sale or public offering of Warid (if ever happens), said a statement issued by Singtel.
Abu Dhabi Group said that the transaction has further reinforced its commitment to the company.
With 100 ownership in Warid Telecom, this strategic decision will allow the Group to have a more focused approach as Warid enters its 8th year of operations in Pakistan, said a statement issued by the company.
Commenting on the occasion a Abu Dhabi Group representative said:
The Abu Dhabi Group has a diverse investment portfolio in Pakistan and is one of the leading foreign investors in the country. With this step of acquiring complete control of Warid Telecom, the Group is reaffirming its commitment to Warid and the belief that the Pakistani telecom sector is set to grow further.
The Group plans to continue to improve Warid Telecom’s operation in Pakistan by introducing new technologies, services and packages.
We will also continue with our active participation in the important educational, cultural and social initiatives in the communities we serve. We are proud of our relationship with the people of Pakistan and are committed to being a model of responsible corporate behaviour.
Abu Dhabi Group is a large business conglomerate in the Middle East and one of the largest foreign investors in Pakistan. It has diversified business interests, offering strong financial resources and extensive management expertise that result in commercial success for several institutions.
The Group’s interests in Pakistan range from Information and communication technologies (ICT), financial services, energy, hospitality & real estate, health-care and agriculture.