STAFF REPORT ISB: The Competition Commission of Pakistan (CCP) has approved the merger of Pakistan Mobile Communications Limited (Mobilink) and Warid Telecom. This approval is the first of four required approvals from the local regulatory bodies, including PTA, SECP and SBP.
“The CCP has approved our request to merge the two businesses. This combination will be a positive step for the development of technology and communications services in Pakistan. Together, the future entity will serve more than 45 million customers through a best-in-class mobile and high-speed network,” commenting Jean-Yves Charlier, CEO of VimpelCom.
In his remarks, Jeffrey Hedberg, President and CEO of Mobilink, termed this merger an important milestone that would pave the way for other regulatory approvals.
Adeel Bajwa, Chairman Board Executive Committee of Warid Telecom, expressed his gratitude, “We are happy on receiving the approval from the Competition Commission and thankful to the Authority for their wisdom and support. The Authority has shown great professionalism in reaching this determination after thorough deliberations and detailed evaluation. This is a milestone in the Telecommunication history of Pakistan. Such steps will go a long way towards enhancing investor confidence in the country and the progress of Cellular Industry. We look forward to the next steps in this process and are very excited about the opportunities this affords us for better serving our customers”.