Four tele-giants in run to get Warid
(Flare (Pakistan) Via Acquire Media NewsEdge) Pakistan mobile operator Warid Telecom has been put up for sale by its Abu Dhabi owners and is draw interest from China Mobile and Etisalat, sources familiar with the matter said. The Abu Dhabi Group, a conglomerate led by the ruling family member in the oil-rich emirate, is seeking to sell all 100-percent of shares in Warid Telecom.
Owner of Dhabi Group His Highness Skeikh Nihyan Bin Mubarak belongs to royal family of Abu Dhabi decided to sale out Warid Telecom 100 percent shares. According to the sources close to the matter, four leading companies are in the run to participate in the pre-bid process; these companies are VimpelCom, Etsalat, Qatar Telecom and China Mobile, who showed their interest for the bid.
Insiders on the condition of anonymity have said that Etisalat and VimpelCom are the most interested to get Warid Telecom. But, after the final bidding, the successful bidder will have to pay Warid Telecom $ 850 million liabilities, it owes from different firms. Some sources also mentioned that the mobile company is also going to sale out small number of shares. In Pakistan there are five telecom operators providing cellular services in the bad time of economy, stiff competition and high level of market penetration keep the margins very low for telecom operators.
According to the company sources, Warid Telecom is successfully performing its cellular operation from many years and looking potential buyers for bid.
Telecom group Vimpelcom has agreed to sell two of its sub-Saharan assets for about $100 million and is looking to use the money to bid for Pakistan’s mobile operator Warid Telecom, two banking sources familiar with the matter said. It has now reached agreement to sell Telecel Global, which includes Vimpelcom’s Burundi and Central African Republic units, to Neil Telecom, an emerging market-focused telecoms venture run by African investor Laurent Foucher, the sources said. The deal is subject to closing conditions and regulatory approvals for Neil Telecom, the sources said, speaking on condition of anonymity as the matter is not public.
A spokesperson for Vimpelcom referred to its last financial results when the company said it had signed a share purchase agreement to sell its stake in Telecel Global but declined to comment further on the buyer or price.
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