Pakistani Operator Gets Funding for Network Expansion

Pakistani mobile network operator, Warid Telecom says that it has had an injection of US$250 million in equity by its two joint shareholders, Singtel and the Abu Dhabi Group. The company said that the funds will be used to expand the network coverage.

Tariq Gulzar - Warid's Chief Financial Officer said, "This equity injection of US$250 Million by the company's shareholders, namely Abu Dhabi Group and SingTel, 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".

Warid Pakistan is a joint venture between Abu Dhabi Group & SingTel Group. Abu Dhabi Group entered into a strategic alliance with Singapore Telecom. Subsequent to this transaction in July 2007, telecom giant SingTel acquired 30% percent equity stake in Warid Pakistan, for US$758 million.

The Mobile World subscriber database reports that Warid Telecom ended last year with just under 17 million subscribers - and a market share of 18.8%.

On the web: The Mobile World - Warid Telecom

Posted to the site on 29th January 2009