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.
Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.
Browse Past Issues
Filter CommsUpdate by the following categories or use the search.
Visit our help page information on performing advanced searches, including how to restrict the results by country or company.
CommsUpdate is an outstanding advertising venue for companies seeking to reach:
- International carriers
- Wholesale service providers
- Equipment and software vendors
- Telecom investors