KARACHI, May 21: Warid Telecom is in talks with several foreign firms, including Singapore Telecommunications (Singtel), to sell a minority stake, industry sources said on Monday.
“Warid has been approached by several international telecom companies over the last six or eight months, including those from the Far East, the Middle East and Europe,” said a source close to the company.
“But no final decision has been taken as yet,” he said. “The picture will become clear by July or August.” There was no word on how much the deal could be worth.
Another industry source said the companies in talks with Warid included Singtel, Britain's Vodafone Group and Kuwait's Mobile Telecommunications Co..
Sources said Warid was not willing to sell a controlling stake, or to give up its brand. A spokeswoman for Warid declined to comment.
“Anything which is going on is between the sponsors and the interested parties, and the management of Warid is not involved. But there is nothing concrete to say at the moment,” she said.—Reuters
