Ooredoo completes wi-tribe sale in Pakistan
STAFF REPORT ISB: Ooredoo, the Qatar-based telecom giant and cent percent stakeholder of wi-tribe Pakistan, has completed the sale of wi-tribe to NB Offshore Investment Ltd for around $9 million or Rs. 940 million.
Without revealing much details, Ooredoo said that transaction was completed in cash payment that is in line with the value of the asset.
“The deal between Ooredo and HB Group – the backers of NB Offshore Investment, was locked almost six months back and todays announcement is made only after complete takeover by HB Group with new management in place,” said an official source.
HB Group is an established entity in Pakistan with expertise in telecommunications, real estate, sector, Luxury imports and trading, Education, Alternate energy and Customized security services along with others.
HB Group is owned by businessman Hassan Bokhari. After telecom deregulation in UK, Bokhari enjoyed success in the domain of household telecom services. He has made investments in telecom sector in Azad Kashmir and Gilgit Baltistan.
HB Group, along with WiMAX business of wi-tribe, will get companys LDI license as well. wi-tribe can also acquire DTH license that is set to be auctioned in Pakistan in near future.
According to PTA, there were 207,000 WiMAX users in Pakistan at the end of December 2015, down from 487,000 just 18 months ago.