Abu Dhabi Group (ADG) owner of Warid and Wateen Telecom has bought back its shares from Singapore’s Singtel which it had sold few years back giving them 30% stakes in Warid Telecom, a source just confirmed.
A source at company confirmed that ADG desires to consolidate its telecom operations in Pakistan for a larger and profitable entity.
Yesterday, Warid Telecom had announced to start branchless banking in association with Bank Alfalah.
Although, the amount of the deal is not confirmed yet but we will soon update our readers on the financial front.
According to the official statement of the company
With 100% ownership in Warid Telecom, Abu Dhabi Group has further reinforced its commitment to the company. This strategic decision will allow the Group to have a more focused approach as Warid enters its 8th year of operations in Pakistan.
“The Abu Dhabi Group has a diverse investment portfolio in Pakistan and is one of the leading foreign investors in the country. With this step of acquiring complete control of Warid Telecom, the Group is reaffirming its commitment to Warid and the belief that the Pakistani telecom sector is set to grow further. The Group plans to continue to improve Warid Telecom’s operation in Pakistan by introducing new technologies, services and packages.” The Abu Dhabi Group representative further added, “We will also continue with our active participation in the important educational, cultural and social initiatives in the communities we serve. We are proud of our relationship with the people of Pakistan and are committed to being a model of responsible corporate behaviour.”
Abu Dhabi Group is a large business conglomerate in the Middle East and one of the largest foreign investors in Pakistan. It has diversified business interests, offering strong financial resources and extensive management expertise that result in commercial success for several institutions. The Group’s interests in Pakistan range from Information and communication technologies (ICT), financial services, energy, hospitality & real estate, healthcare and agriculture.