SingTel to sell 30-percent Pakistan telco firm stake for US$150 million
The Straits Times/Asia News NetworkSINGAPORE--Singtel will sell its 30-percent stake in Pakistani telco Warid Telecom for US$150 million, just five years after investing US$758 million in the firm.
January 31, 2013, 12:06 am TWN
It will also get a 7.5-percent share of any net proceeds if Warid is either sold again, merged or is part of a public offering.
SingTel's holding will be sold to Warid Telecom Pakistan, a shareholder of the Abu Dhabi Group, which owns the other 70 percent of Warid Telecom.
“The sale of SingTel's stake in Warid follows a strategic review of the investment, its competitive position and opportunity,” SingTel said yesterday. SingTel expects to take a big hit on the deal, it said yesterday.