The Dhabi Group has agreed to an offer from India’s Bharti Airtel to buy a 70% stake in the Middle Eastern company’s wholly-owned subsidiary Warid Telecom (Bangladesh), according to the Bangladesh Telecommunications Regulatory Commission (BTRC) chairman Zia Ahmed, quoted by AFP. ‘The Dhabi Group informed us on Sunday that it would sell 70% of Warid Telecom [Bangladesh] shares to Bharti Airtel. We have sought more papers and the copy of the memorandum of understanding between the two companies,’ Ahmed said, adding that the company did not mention how much the stake was valued at but said that Bharti ‘initially intended to invest USD300 million.’ An unnamed company official is quoted by local paper The Daily Star as saying that the deal is worth USD900 million. Warid Telecom launched in Bangladesh in May 2007 and has become the fourth largest of the country’s six mobile operators in terms of subscribers, but it needs an investment partner to implement the next phase of its expansion, its CEO Muneer Farooqui said in May 2009.
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