Ooredoo, the Qatar based telecom giant and cent percent stake holder of wi-tribe Pakistan, has announced to have completed the sale of wi-tribe to NB Offshore Investment Ltd for around USD 9 million or Rs. 940 million.
Without revealing much details, Ooredoo said that transaction was completed in cash payment that is in line with the value of the asset.
Our sources suggest that deal between Ooredo and HB Group — the backers of NB Offshore Investment, was locked almost six months back and today’s announcement is made only after complete takeover by HB Group with new management in place.
HB Group is an established entity in Pakistan with expertise in telecommunications, real estate, sector, Luxury imports & trading, Education, Alternate energy and Customized security services along with others.
HB Group is owned by businessman Hassan Bokhari. After telecom deregulation in UK, Bokhari enjoyed success in the domain of household telecom services. He has made investments in telecom sector in Azad Kashmir and Gilgit Baltistan.
HB Group, along with WiMAX business of wi-tribe, will get company’s LDI license as well. wi-tribe can also acquire DTH license that is set to be auctioned in Pakistan in near future.
According to PTA, there were 207,000 WiMAX users in Pakistan at the end of December 2015, down from 487,000 just 18 months ago.
Decent money but I always respected Wi-Tribe for their superior service. Too bad, they didn’t have higher bandwidth
LOL what superior service you are talking about, whenever i visit their franchise someone is always there to complain about no connectivity.
They had excellent customer service,better than any company of such level
Because they had very low customer level. Try to get the amount of customers atleast 1/4th the size of ptcl and then see how their customer service had remained.
Anyway its all history now.
They had system for every task. A proper customer portal through which user could see and manage their account easily. Even until now, PTCL Evo portal is not near its quality.
absolutely their service is fabulous they respect you and guide you for their services and now they have also increased their bandwidth and recently purchased the huawei 4G LTE system for their internet
Good – Hope so new Owner will improve services in all coverage Area whereever Wi-Tribe is providing services.
HB Group is owner of circlenet LDI big defaulter of usf and PTA. Company want to buy Witribe and can sell tower like monilin to recover investment. HB Group owner very sharp people not like Oredo of Qatar. Qatar is having major problem because oil and gas price crash.
Wi-Tribe a failed company there sell out was imminent.
Good riddance. The WiMaX service in itself is a big joke, they had the opportunity to capture the market before the advent of 3G/4G, but they completely failed to capitalize that opportunity. I’m sure nobody would miss their crappy services and their retarded “fair usage” policy.
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WiMax is not useful with existing 3G and 4G, Wi-Tribe is a good company,have excellent customer support