KARACHI: The Pakistan Telecommunications Company Limited (PTCL) finally announced that the company has submitted a binding offer to acquire 100 percent shares of Warid Telecom.
According to a notice sent to Karachi Stock Exchange (KSE) by PTCL on Friday, the company has submitted a binding offer to acquire 100 percent shares of Warid Telecom after getting approval from board of directors.
Etisalat, a parent company of PTCL, recently denied giving due payment of $800 million to the government of Pakistan, however, the telecom giant is ready to invest more in Pakistan by acquiring Warid.
According to a source, Abu Dhabi Group, which is the sponsor of Warid Telecom has set $500 million base price for bidding. It is to recall here that China Mobile, a parent company of Zong, earlier backed out from the Warid acquiring race terming the base price overpriced.
It is important to mention here that a binding offer is an agreement that is considered legally binding if an offer is made and accepted between the involved parties. It contains elements such as offer, acceptance and intention to create legal relations. Any breach of contract can be disputed in the court of law.
Meanwhile, Etisalat is the only company, which legitimately announced its interest to acquire Warid. On the other hand, reportedly, VimpelCom, which owns Mobilink Pakistan, is the other contender of Warid bidding. However, whether VimpelCom has submitted a binding offer or not, has not yet been disclosed by the any party.
Moreover, the Warid Telecom is expecting more than $1 billion offer from aspirants for all of its assets and installations in Pakistan. Warid is the most esteemed cellular operator of the county in terms of quality service, however in subscribers’ number list Warid stands last.
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