
“WTI’s buy-back of the shares reflects its strong commitment
to Wateen and its local operations, and enables a restructuring,”
said Mr David Burlison, a representative of WTI, in his communique to the Board of Wateen Telecom.
He added that “WTI believes that the de-listing provides the shareholders with an exit from the business at a return of
value which is in excess of that which they would receive on an orderly disposal of the
business,” he added.
The Company has conveyed its intention to the stock exchanges in Karachi, Lahore and Islamabad, as well the Security and Exchange Commission of Pakistan in accordance with the Voluntary De-Listing provisions under Regulation 30-A(i), and the Code of Corporate Governance set out in their respective Listing Regulations.
Mr Naeem Zamindar, CEO Wateen Telecom, said, “Wateen Telecom has always been committed to Pakistan and the growth of the telecoms sector.
The company’s Board of Directors will be reviewing this offer in its next meeting and will be appointing an independent committee of the Board of Directors to consider the offer further and to make a decision that is in the best interests of all shareholders.”
For the proposed purchase of Wateen, WTI has appointed Arif Habib Limited as the Purchase Agent, who will oversee and manage the buy-back process on behalf of WTI.
Published in The Express Tribune, March 30th, 2013.
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