Etisalat confirms PTCL interest in Warid Telecom

29 July 2013 | Kavit Majithia


UAE operator Etisalat has said its affiliate Pakistan Telecommunication Co (PTCL) has previously expressed interest in acquiring its subsidiary Warid Telecom.

Warid Telecom is Pakistan’s smallest operator and the company is reportedly expected to fetch $1 billion by its owners.

According to Reuters, Etisalat has hired Goldman Sachs to advise it on potential bids for the Pakistani company, with PTCL emerging has front runners. Etisalat also owns a 26% stake in PTCL and controls management of the business in Pakistan.

Etisalat spokesman Ahmed bin Ali told Reuters PTCL had expressed an interest in Warid Telecom but also said it “will not comment on speculation” regarding the company.

Pakistan is seen as ripe for consolidation with five operators competing for market share, particularly when considering the problems facing the country's economy.