Warid Telecom International initiates buy-back and consequent de-listing of shares of Wateen Telecom Limited

The Company has conveyed its intention to the stock exchanges in Karachi, Lahore and Islamabad.


Press Release March 30, 2013
The company’s Board of Directors will be reviewing this offer in its next meeting. PHOTO: WIKIPEDIA

LAHORE: On Thursday 5:30pm, 28th March, 2013, Wateen Telecom’s Board of Directors and Management were informed through an official communique that the company’s largest majority shareholder, Warid Telecom International LLC, UAE (WTI), is intending to acquire all of the issued ordinary shares held by the other shareholders of the Company at a proposed purchase price of Rs4.5 per ordinary share, and consequent de-listing from the Karachi, Lahore, and Islamabad stock exchanges. WTI currently holds 54% of the total issued ordinary share capital of the Company.

“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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COMMENTS (2)

Haroon Rashid | 8 years ago | Reply

De-listing of Warid Tel and Unilever earlier are important names in our bouquet of companies in Technology, and FMCG. SECP and BOI should investigate the reasons of de-listing. Pakistan with excellent opportunity of optical fiber network infrastructure should create a level playing field stipulated by Broadband Commission, Geneva for the development of ICT infrastructure and digital economy. Wateen Telecom., has not delivered anything todate in technology sector as ISP, or creating a wireless broadband network on Wimax and WIFI, to energise cities, streetes, business, trade, industry, SMB's, on WIFI. Thousands of prime smart phone models are sold in Pakistan and they need connections on the new protocols of IEEE 802.11 ac that would provide indoor LTE/5G speed at home. Should Wateen be sincere to Pakistan market they would have launched products, innovation, quality of service, instead they launched ad., campaigns, introduced new models, not a pan city wifi network for security, surveillance, of cities, rural areas, which will be catered on 4G when licensed. Wifi could be started today, and without any license, only an initiative? Cheers

Affa | 8 years ago | Reply

World go for listing of thr company to stocks exchange n its honour for them.. but here company go for delisting cause of the heavy cost and no incentives..

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