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SingTel Sells 30% Stake in Pakistan's Warid Telecom

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Singapore Telecommunications (SingTel) has sold its 30% stake in Pakistan's Warid Telecom for USD150 million. The buyer is the Abu Dhabi Group, which already owns the other 70% of the company.

As part of the deal, SingTel is also entitled to a 7.5% share of the net proceeds if the Abu Dhabi Group sells the company or merges it with another local mobile network.

SingTel had previously provided a guarantee of approximately S$90 million and an equity undertaking of around S$51 million to support the company with its lenders. The sale also releases SingTel from those financial obligations.

However the company will post a net loss on the investment of USD186 million following previous write-downs.

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Tags: singtel  warid telecom  Pakistan