Islamabad High Court granted the approval to Global Telecom Holding (GTH), VimpelCom, Bank Alfalah (Dhabi Group shareholders), and Warid Telecom Pakistan to merge the two telecom giants in the industry namely Warid Telecom (Warid) and Pakistan Mobile Communications Limited (Mobilink).
Both the companies had received the approvals for their merger earlier this year from Pakistan Telecom Authority, State Bank of Pakistan, Securities and Exchange Commission Pakistan, Competition Commission Pakistan along with local and international creditors.
The Chief Executive Officer Of VimpleCom, Jean-Yves Charlier, said:
“The High Court’s approval of the merger between Mobilink and Warid, confirms the creation of a world-class champion in Pakistan, and it marks another major step in VimpleCom’s transformation into a leading global technology group with the ambition to bring digital opportunities and experiences to a tenth of the world’s population.”
His Highness Sheikh Nahayan Mabarak Al Nahayan, Chairman of Dhabi Group, said:
“I am pleased to know that courts of Pakistan have approved the merger of Mobilink and Warid along with all pertinent regulatory approvals for consolidating the two businesses. This merger of is yet another landmark achieved, which will further accelerate advancements in telecommunication sector in Pakistan. I am confident that the merged company will continue to contribute significantly to Pakistan’s economy while providing its customers with the highest quality of telecom services.”
The new CEO of Mobilink and Warid, Aamir Ibrahim, said:
The approval from Islamabad High Court marks a major and absolute milestone in our bid to merge the two businesses. The Group’s new digital systems will enable faster roll-out of new local products and services, particularly in the areas of mobile entertainment, communication, the Internet of Things, and mobile financial services. Through this, Pakistan’s digital development will be elevated to the next level, further reducing the digital divide as we transform the merged company from a legacy telecom to a leading technology company.”
51 million customers in Pakistan will be served by the merged company. High-speed mobile telecommunications and the highest class digital mobile network will be provided to them in the form of 3G and LTE services.
- mobilink-warid-merger: google