Warid to get $500m from Sh. Nahyan

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STAFF REPORT LHR: Warid Telecom will get $500 million financing from its sole shareholder the Abu Dhabi Group, headed by Shaikh Nahayan Mabarak Al Nahayan, in a period of next five years.

“We will not get any financing from outside financers. Our principal investor will be Shaikh Nahyan,” Tariq Gulzar, Warid Telecom chief financial officer, told a newspaper on the sidelines of Gitex Technology Week.

The Abu Dhabi Group, one of the largest foreign investors in Pakistan, set up Warid Telecom with Singapores SingTel, however, bought out its joint ventures 30 per cent stake for a reported $150 million last year.The Warid Telecom confirmed that it partnered with Ericsson to be its sole supplier of 4G LTE in Pakistan.Warid Telecom currently only offers 2G.”We have recently invested over $100 million in LTE,” Gulzar said.


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Published in: Volume 05 Issue 40

Short Link: http://www.technologytimes.pk/?p=12166

| 500m | From | Get | Nahyan | Sh | Warid