Wednesday, May 23, 2007
DUBAI (Zawya Dow Jones)--A Gulf telecom company is among Chinese and Malaysian bidders for a strategic stake in Pakistan's wireless operator Worldcall Telecom Ltd., an official said Wednesday.
"We have offers from Malaysian, Chinese and Gulf telecom operators," Worldcall's Chief Executive Salmaan Taseer told Zawya Dow Jones by phone.
"I cannot name the companies we are talking with, but I can confirm that one of them is Gulf-based," he said.
Middle East telecom operators are expanding outside their home markets and Asia has been a preferred destination.
U.A.E.-based Emirates Telecommunications Co. already holds a 26% stake in Pakistan Pakistan Telecommunication Co., while Warid Telecom, a mobile operator in the South Asian nation, is owned by the Abu Dhabi Group.
Oman Telecommunications Co. said Wednesday it plans to take a stake in a Pakistani telecom company, without disclosing its takeover target.
"I have seen Omantel's statement. It didn't name us, so I am not naming them," Taseer said.
Worldcall says on its company Web site that one of its investors/partners is Sheikh Suleiman Ahmad Said Al-Hoqani from Oman.
Shares of Worldcall are listed on the Karachi Stock Exchange and the firm has a current market capitalization of 11.8 billion Pakistani rupees ($1946 million).
-By Sarmad Khan and Majdoline Hatoum, Dow Jones Newswires; +9714-3644965; Sarmad.khan@dowjones.com
Copyright (c) 2007 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
23-05-07 1212GMT
