Wednesday, December 04, 2013

Wateen and Qubee/Augere Consolidate Wireless Broadband Business

Wednesday, December 04, 2013
On December 4, 2013, Abu Dhabi Group (majority shareholder of Wateen Telecom) and New Silk Route Private Equity (PE) Asia Fund (the ultimate majority shareholder of Augere), announced their intention to combine their wireless broadband businesses in Pakistan. The agreement will see Wateen and Qubee forming the second largest broadband service provider in Pakistan, with over 250,000 subscribers.  With the formation of this new business, Wateen and Qubee intend to re-energize the wireless broadband market with planned investments of more than US$25 million for the improvement and expansion in coverage of the combined network of both companies. The network upgrade will make it a best in class high speed broadband network with the phased upgrade to 4G LTE (Long Term Evolution) technology that will contribute to a broadband revolution in Pakistan and significantly enhance its position in the new digital economy. The new business also intends to make investments available to introduce innovative value added services and devices to improve broadband penetration in Pakistan.

This is only an announcement of intent and does not impact our business modus operandi in anyway.  Wateen’s daily operations will remain unaffected – every department including but not limited to CBU and Engineering will continue to function exactly as they have been.  There is no change whatsoever in our business for the foreseeable future.

When we anticipate a directional change in the business operations of Wateen an announcement will be made.  For now rest assured everything continues as it has been.

This is a very positive news for Wateen and bodes very well for our future and for our employees.

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