China Mobile exits race for Warid Telecom
08 October 2013 |
China Mobile Pakistan, operating under the brand Zong, has opted out of the battle to acquire Warid Telecom on the last day of bidding.
Zong spokesperson Farooq Niaz confirmed the retraction and Sikandar Naqi, advisor to Zong’s CEO, told local reporters that the decision followed a business evaluation of the proposition.
China Mobile Pakistan had been a favourite to win the bidding, ahead of Etisalat-owned PTCL and VimpelCom.
A successful acquisition would have put Zong in second place by subscribers in the Pakistani market and industry experts believe finance for the acquisition was not an issue given the backing from parent company China Mobile.
Zong did not disclose any reasons for exiting the process, but local reports claim the company will invest aggressively in Pakistan in the near future.
A final decision on the sale of Warid Telecom is expected to conclude in the last week of October, after Eidul Azha.
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