USD250 million equity investment for Warid Telecom

29 Jan 2009

The Pakistan Observer is reporting that mobile operator Warid Telecom has received equity investment of USD250 million from its joint shareholders, the Abu Dhabi Group and SingTel. Warid, which according to TeleGeography’s GlobalComms database, launched commercial services in May 2005, is likely to use the funds to further expand its network coverage. At the end of December 2008 the cellco claimed it had coverage in over 450 cities and 7,200 towns across the country, offering services over its GSM-based infrastructure. Tariq Gulzar, Warid’s chief financial officer said of the announcement, ‘This equity injection…demonstrates the confidence reposed by our shareholders in the company’s ability to continue to provide highest level of quality services to our valued subscribers at very affordable prices. We are going to further enhance our technical and retail network across the country to exceed the expectations of our existing and potential subscribers’.

Pakistan,Singtel Group, Warid Telecom (Jazz),

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