Abu Dhabi Group to sell Pakistan's Warid Telecom
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Abu Dhabi Group to sell Pakistan's Warid Telecom

Abu Dhabi Group to sell Pakistan's Warid Telecom

The Abu Dhabi Group conglomerate is offering Pakistan mobile operator Warid Telecom for sale, which is likely to draw interest from Etisalat and China Mobile, Reuters has reported, citing sources familiar with the matter. The firm mandated US investment bank Lazard and British lender Standard Chartered as advisers for the process, the sources said. One estimated a sale could fetch about $1bn. Walid Irshaid, the chief executive of Pakistan Telecoms (PTCL), a unit of Etisalat, said the company is weighing a potential bid. "We are interested to see if it makes sense for us, but it's not only us. Warid is an existing operator that has been here for many years and so we're saying 'let's look at the prospects,'" he said.

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