Exclusive: China Mobile, Etisalat weighing bids for Pakistan telco – sources

Reuters 25 June 2013
Pakistan mobile operator Warid Telecom has been put up for sale by its Abu Dhabi owners and is likely to draw interest from China Mobile and Etisalat, sources familiar with the matter said on Tuesday.
The Abu Dhabi Group, a conglomerate led by a ruling family member in the oil-rich emirate, is seeking to sell all 100-percent of shares in Warid Telecom, two of the sources said, speaking on condition of anonymity.
The third source, however, said the company would also be prepared to sell a smaller controlling stake.
Pakistan’s mobile telecommunications sector has five operators and is ripe for consolidation after a period when a troubled economy, increasingly high levels of market penetration and stiff competition has forced companies’ margins lower.
The sellers have mandated U.S. investment bank Lazard and British lender Standard Chartered as advisers for the process, the sources said. One estimated a sale could fetch about $1 billion.
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