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SingTel sells Warid Telecom to Abu Dhabi Group for $150 million

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Staff writer |
SingTelSingapore Telecommunications' subsidiary SingTel Pakistan Investments sold its entire 30% stake in Wald Telecom to Wand Telecom Pakistan (VVTPL), part of the Abu Dhabi Group.

VVTPL is an existing shareholder of Ward, and Abu Dhabi Group owns the remaining 70% stake in Wand. The Transaction is subject to certain conditions, including the approval of certain lenders of Wand. SingTel is to receive $150 million and a right to receive a 7.5% share of the net proceeds from any future sale, public offering or merger of Wand. The paying is to be made in the next three years.

The unaudited net tangible asset value of Wand was approximately $29 million at September 30, 2012. As at 30 September 2012, SingTel's unaudited carrying value of Wand was $30 million and the cumulative foreign currency translation losses taken to reserves was $296.7 million. Excluding the value of any Future Transaction Interest, the estimated loss on disposal will be approximately $186 million, including the foreign currency translation losses and transaction costs.

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