Telecom News Bulletin

Wateen Telecom Limited (WTL) will formally apply to the Security and Exchange Commission of Pakistan (SECP) for getting itself listed at the Islamabad Stock Exchange (ISE).

The consent was extended by the top management team of Wateen Telecom Limited (WTL) during a meeting with the members of ISE here Tuesday. The WTL management team was there to make a formal presentation in wake of company’s maiden IPO through which 200 million shares would be offered to the general public and strategic investors.

The Wateen’s team was comprised of Fahad Sheikh, Aqib Zulifqar, Furqan Qureshi and Salim Bokhari.

The ISE members during the question-answer session strongly demand of the Wateen’s management to list their mega scrip at ISE, which is the third stock exchange of the country and catering the needs of investors from upcountry especially those of northern areas and Azad Jammun and Kashmir.

Earlier, briefing the participants of the meeting of ISE members and most liquid clients of Bank Alfalah, Aqib Zulifqar, said that Wateen Telecom Limited is the second Telecom venture of Abu Dahabi Group in Pakistan. With the backing and support of such a strong group, Wateen has developed itself as the largest wireless broadband provider of the country in the private sector.

A quest to penetrate the retail customers’ base further, has brightened the Wateen’s future prospects as the company was registering considerable growth in revenues on year to year basis right from its inception in 2005.

He said that 110 million shares of Wateen are being offered at the face value of Rs 10 while 90 million would be available under the greenshow option. Fair value of the share has been calculated at Rs 22.30 while book value at Rs 52 per share, therefore, it would be a better option to subscribe the issue.

He said that 110 million shares of the company have already been under-written by banks, financial institutions and strategic investors. Therefore, there is no question of under subscription. While the shares are being offered in the lots of 500, 1000, 3000, and 5000 shares.

Via Online