On Thursday, 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 Rs 4.50 (four and a half rupees) per ordinary share, and consequent de-listing from the Karachi, Lahore, and Islamabad stock exchanges. WTI currently holds 54 percent 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 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.
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.-PR