Published on June 26th, 2007 | by Babar Bhatti12
SingTel To buy stake in Pakistan's Warid
The deal is not final yet but all the news sources have mentioned SingTel as the most likely winner for a stake in Warid, owned by Abu Dhabi Group. Here’s the report from Financial Times. See my last post on this for background. My views on the red hot acquistions market in Pakistan will follow.
Singapore Telecommunications (STEL.SI: Quote, Profile, Research) is likely to buy a 30 percent stake in Warid Telecom in a deal that would value Pakistan’s third-largest mobile phone operator at $1 billion, the Financial Times reported.
Industry sources told Reuters last month that Warid had been approached by several international telecommunications firms and that an agreement could be reached in July or August. SingTel has repeatedly said it was interested in Pakistan’s fast-growing mobile phone sector.