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Pakistan : SHAIKH NAHAYAN plans to fund WARID TELECOMS capital needs [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) Pakistan s Warid Telecom s executive announced that the company will rely on its sole shareholder the Abu Dhabi Group, led by Shaikh Nahayan Mabarak Al Nahayan, for half a billion dollars in financing over the next five years. Tariq Gulzar, Warid Telecom chief financial officer, commented Shaikh Nahyan will be our principal investor; we are not going for any external financing. Over the next five years we are investing over $470 million. The Abu Dhabi Group is one of the largest foreign investors in Pakistan and develop Warid Telecom with Singapore s SingTel, but, acquired out its joint ventures 30 per cent stake for a reported $150 million last year. The Warid Telecom assured on Sunday earlier a report declaring at Gitex Technology Week it has collaborated with Ericsson to be its sole supplier of 4G LTE in Pakistan. Warid Telecom currently only offers 2G. Gulzar stated We have recently invested over $100 million in LTE. In addition, he also dismissed concerns surrounding foreign investment into Pakistan following a recent spate of increased instability including terrorist attacks at Karachi s Jinnah International Airport, a gunman firing on a plane landing at Peshawar s Bacha Khan International Airport and anti-government protests gripping the capital. The instability that you are seeing they are just temporary. There is a clear indication that the core investors are very much interested in the market, he concluded. (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |