Telenor signs MOU to buy 70 percent stake in Warid

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Oct 14, 2009
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In a hugely surprising move, according to one source in Warid, Telenor has signed an MOU with Warid to acquire an approximately 70 percent stake in the said cellular service provider’s operations.

This move, if and when it comes true, will lay false to claims which suggested that Telenor might be leaving the Pakistani market, in order to further its business stake in India.

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It can now be confirmed that Telenor is buying 63 percent shares in Warid Telecom, Pakistan for a sum of about USD 1.3 billion, as confirmed by sources.

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Dhabi Group will retain 7 percent shares in the company, while other 30 percent are owned by Singtel.

Both Warid and Telenor spokespersons refused to authenticate or discredit this news report.

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