Pakistan's PTCL Makes Offer to Buy Warid Telecom
Published on: 23rd Dec 2013
By: Ian Mansfield
Pakistan's PTCL says that it has submitted a binding offer to buy local rival mobile network Warid Telecom although it has not disclosed how much it has offered to pay.
The brief announcement was made through a letter to the Karachi stock exchange.
Warid Telecom has been put up for sale by its UAE based owner, the Abu Dhabi Group, who are reportedly seeking bids in the region of US$1 billion for the company.
PTCL is itself controlled by another UAE based company, Etisalat.
Both PTCL and China Mobile had previously expressed an interest in buying the company, although China Mobile later dropped out.