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Wednesday, January 30, 2013

Acquisition by Abu Dhabi Group

Abu Dhabi group has reacquired 100 percent stakes in Warid Telecom. The group has expanded its operation by buying Singapore telecommunication limited’s share. Earlier According to SingTel, Warid would be sold for a loss of approximately186 million us dollars. SingTel acquired 30 percent shares in warid, in 2007, at the price of 758 million us dollars. 
Warid started its operation, in Pakistan, in 2005. Bashir Tahir led the team for bidding and acquiring license for operating telecom network.
By acquiring 30 percent shares in phone operator the group has become the sole owner of the telecom company. The group has the owner of being single largest foreign investor in Pakistan. Abu Dhabi group already has diverse and huge investments in different sectors of Pakistan’s economy. The group has heavy stakes in banking, agriculture, energy, real estate, hospitality and health care. Investments by the group include Bank Alfalah, Warid telecom, Wateen telecom, Alfalah Securities (Pvt.) ltd, Alfalah GHP investment management limited, United Bank Limited, and Al Razi healthcare.
The group is led by Sheikh Nahayan Mabarak al Nayhan, member of the royal family of Emirate.

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