SingTel Sells 30% Stake in Pakistan’s Warid Telecom
Singapore Telecommunications (SingTel) has sold its 30% stake in Pakistan’s Warid Telecom for US$150 million. The buyer is the Abu Dhabi Group, which already owns the other 70% of the company.
As part of the deal, SingTel is also entitled to a 7.5% share of the net proceeds if the Abu Dhabi Group sells the company or merges it with another local mobile network.
SingTel had previously provided a guarantee of approximately S$90 million and an equity undertaking of around S$51 million to support the company with its lenders. The sale also releases SingTel from those financial obligations.
However the company will post a net loss on the investment of US$186 million following previous write-downs.