Singapore Telecommunications to acquire a stake in Warid

Singapore Telecommunications to acquire a stake in Warid

Singapore Telecommunications is said to be closing in on a deal to acquire a significant stake in Warid.

Warid is one of the major mobile phone operators in Pakistan as SingTel aims to expand their presence in the Asian market.

Market sources say that the deal could be worth around USD 1 billion and would see them acquire about 30 per cent of the company.

NTM of South Africa and Vodafone of the UK are two other global telecom players who are hunting for such a stake in the Pakistan based telecom company.

Warid itself has said that they are studying several offers but have not given out much details. SingTel too has declined to comment on this market rumor.

Pakistan happens to be the second fastest growing telecom market in Asia after India. SingTel has been interested in this market since long and had failed to buy a minority stake in Pakistan Telecom last year.