Warid gets equity Investment of US $ 250M (Rs.20 Bn)
Lahore, January 28, 2009: Warid Telecom (Pvt.) Ltd., one of the major providers of mobile communications services in Pakistan, has confirmed the injection of $250million (equivalent Rs. 20 billion) equity by its joint shareholders Abu Dhabi Group and SingTel.
Warid has aggressively penetrated the Pakistan mobile communication services market with huge capital expenditure, which has enabled it to capture market share of 18.8% (as of Dec 08’) and coverage in over 450 cities and 7200 towns across Pakistan. Warid is providing voice and data communication services through its premier GSM and GPRS/EDGE network with the best voice clarity and connectivity since May 2005.
The equity injection will further enhance the Company’s network coverage with the objective to provide quality services to its valued customers. This also reflects the confidence of shareholders in the Company’s management and its operational plans. This investment is one of the major milestones achieved towards the long term strategic goals of Warid Telecom in Pakistan.
Warid’s Chief Executive Officer, Imad Kreidieh said, “The continued support of Warid shareholders (Abu Dhabi Group and Sing Tel) and their recent equity injection is an endorsement of their commitment in Pakistan. With their persistent support and the continuous hard work of our team we are geared up to become number one GSM operator in Pakistan.”
Tariq Gulzar - Warid’s Chief Financial Officer said, “This equity injection of US$250 Million by the company’s shareholders, namely Abu Dhabi Group and SingTel, demonstrates the confidence reposed by our shareholders in the company’s ability to continue to provide highest level of quality services to our valued subscribers at very affordable prices. We are going to further enhance our technical and retail network across the country to exceed the expectations of our existing and potential subscribers”