SingTel has sold its 30% stake in Warid Telecom, held by its Pakistani subsidiary, to Abu Dhabi Group for US$150m.
The UAE-based investor already holds 70% of Warid meaning the deal will give it full control of the wireless operator.
In a statement to…
SingTel has sold its 30% stake in Warid Telecom, held by its Pakistani subsidiary, to Abu Dhabi Group for US$150m.
The UAE-based investor already holds 70% of Warid meaning the deal will give it full control of the wireless operator.
In a statement to the Singapore Stock Exchange SingTel said the disposal followed a strategic review of the investment.
The Singaporean operator will receive the cash in several tranches over the next three years and, in addition to the consideration, Singtel will receive a 7.5% share of the net proceeds from any future sale, IPO or merger.
The company also said it would be released from debt and equity obligations relating to the Pakistani telco.
Singtel said that excluding the value of any future transaction, it would take a loss of S$ 230m (US$185m) on the disposal.
According to the Pakistan Telecoms Authority, Warid is the number five operator in the country with 12.9 million subscribers as of November 2012.
