SingTel to acquire 30% stake in Pakistan's Warid Telecom
Posted: 28 June 2007 2255 hrs

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SINGAPORE: Singapore Telecom has agreed to buy a 30 percent stake in Pakistan's third largest mobile phone operator, Warid Telecom.

The deal is valued at US$758 million or almost S$1.2 billion.

In a statement, SingTel said the investment was part of a strategy to support Warid Telecom's continued growth and to enhance its market position.

Warid Telecom is part of the Abu Dhabi Group.

According to earlier media reports, the Abu Dhabi Group will still hold the remaining 70 percent stake in Warid Telecom.

Pakistan's telecom sector has attracted US$9 billion in foreign investment in the last three years.


- CNA/so