SINGAPORE, June 26 (Reuters) - Singapore Telecommunications is likely to buy a 30 percent stake in Warid Telecom in a deal that would value Pakistan's third-largest mobile phone operator at $1 billion, the Financial Times reported on Tuesday.

Citing unidentified people familiar with the situation, the FT said the Singapore firm had emerged as a strong favourite to buy the stake ahead of rivals MTN of South Africa and Britain's Vodafone.

"A deal between SingTel and Warid could be signed as early as next month," the newspaper quoted one of its sources as saying.

Warid is owned by the private Abu Dhabi Group, which is one of the largest foreign investor groups in Pakistan and owns Bank Alfalah Ltd. and Wateen Telecom.



Industry sources told Reuters last month that Warid had been approached by several international telecommunications firms and that an agreement could be reached in July or August.

SingTel has repeatedly said it was interested in Pakistan's fast-growing mobile phone sector.

http://investing.reuters.co.uk/news/articl...RID-SINGTEL.XML

SINGAPORE, June 26 (Reuters) - Singapore Telecommunications is likely to buy a 30 percent stake in Warid Telecom in a deal that would value Pakistan's third-largest mobile phone operator at $1 billion, the Financial Times reported on Tuesday.

Pikes ... After the 30% sale (yesterday) now the company's net value is being estimated at US $ 2.9 BILLION i.e; 30% sold at US $ 758 m approx.

This shows that trust in Pakistani ecnonomy pays healty divident !

http://www.khaleejtimes.ae/DisplayArticleN...siness&col=

SingTel signs $758m deal to buy 30pc stake in Warid
(Wam)
30 June 2007

ABU DHABI — Singapore Telecommunications Limited (SingTel) and Warid Telecom (private) Limited announced that they have entered into a definitive agreement subsequent to which SingTel will acquire a 30 per cent equity stake in Warid Telecom for an estimated $758 million.


The agreement was signed by Shaikh Nahyan bin Mubarak Al Nahyan, Chairman of Abu Dhabi Group, and Chua Sock Koong, CEO of SingTel, at the Emirates Palace Hotel in Abu Dhabi.

In just two years from its commercial launch in 2005, Warid Telecom has reached nearly 9.7 million in reported subscriber numbers, representing an estimated market share of 16.6 per cent and making it the third largest mobile operator in Pakistan as of April 2007.

With a large population in excess of 160 million growing at over two per cent per annum and a young median age of 20 years, Pakistan represents the sixth largest population base in the world. Fuelled by foreign direct investment, its economy has seen strong growth over the past few years. With a current low mobile penetration rate of 36 per cent and a strong regulatory regime the Pakistani cellular market is one of the most attractive in the world and has recently attracted sustained interest from international telecom operators.

SingTel will invest $758 million (subject to closing adjustments on completion of the transaction) to acquire a 30 per cent stake in Warid Telecom — valuing the company at an enterprise value of $2.9 billion. The investment is being made as part of a strategy to support Warid Telecom’s continued growth and enhance its market position.

The purchase will be satisfied through Singtel’s internal and/or external sources of funds.