Warid Telecom International (WTI) has announced plans to acquire all of the issued ordinary shares in its Pakistani broadband arm Wateen Telecom at a proposed price of PKR4.5 (USD0.045) per share before delisting the shares from the Karachi, Lahore and Islamabad stock exchanges. The Tribune writes that WTI, which holds a 54% stake in the provider, has informed the exchanges and the Securities Exchange Commission of Pakistan of its intention. WTI said in a statement to Wateen’s board of directors: ‘WTI’s buy-back of the shares reflects its strong commitment to Wateen and its local operations, and enables a restructuring. WTI believes that the de-listing provides the shareholders with an exit from the business at a return of value which is in excess of that which they would receive on an orderly disposal of the business.’ A spokesperson for Wateen said that the board will appoint an independent committee to consider the offer and make a decision that is in the best interest of all shareholders. WTI has appointed Arif Habib Ltd to oversee and manage the buy-back.
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