SingTel announced to the Singapore Exchange today that it has completed the sale of its entire 30% stake in Pakistani telco Warid Telecom.
As TelecomFinance reported in January, the Singaporean telco agreed to sell its stake back to the loss-making…
SingTel announced to the Singapore Exchange today that it has completed the sale of its entire 30% stake in Pakistani telco Warid Telecom.
As TelecomFinance reported in January, the Singaporean telco agreed to sell its stake back to the loss-making operator’s parent company for US$150m.
As a result, the Abu Dhabi Group, a Middle Eastern conglomerate founded in Iraq, now owns the whole of Warid Telecom.
In January’s statement to the bourse, SingTel said the disposal followed a strategic review of the investment.
The Singaporean operator will receive cash in several tranches over the next three years, as well as 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 Warid Telecom.
SingTel said that excluding the value of any future transaction, it would take a loss of S$230m (US$185m) on the disposal.
