A delegation of the Abu Dhabi Group, led by Group Chairman Sheikh Nahyan Bin Mubarak Al Nahyan, called on Finance Minister Senator Mohammad Ishaq Dar here today. Mr. Jean Yves Charlier, CEO VimpelCom, accompanied the delegation. Minister of State for Information Technology, Anusha Rehman Khan, was also present in the meeting.
Minister Dar, while talking to members of the delegation, said the government had embarked upon the journey of achieving sustainable and inclusive economic growth as well as employment generation after achieving macro-economic stability. The government welcomes foreign investment in Pakistan which, he said, would facilitate achievement of the objective of higher sustainable economic growth. He said that foreign investors are taking interest in acquisitions and mergers, which is a positive development.
The Minister also welcomed the merger of Pakistan Mobile Communications Limited (the “PMCL”) and Warid Telecom (Pvt.) Ltd which is likely to be finalized soon. The two companies, it may be recalled, entered into an Acquisition Agreement on 26 November 2015. Pursuant to the Acquisition Agreement, PMCL and Warid shall merge subject to all regulatory approvals and compliance with legal and procedural formalities. The Minister said the merger was proof of the strength gained by Pakistan’s economy and the business opportunities provided by Pakistan to prospective investors.
Sheikh Nahyan Bin Mubarak Al Nahyan on this occasion expressed gratitude for the facilitation extended by all stakeholders regarding the Mobilink – Warid merger. He said that Pakistan had become an attractive investment destination due to the turnaround in its economy during the last three years as a result of far reaching and comprehensive reforms. He added that with the merger the telecom service in Pakistan would improve in quality and outreach thereby helping people in remote areas. He added that integrating network assets will help introduce new products and services like mobile financial services, mobile apps and other value added services at scale. The merger would also result in superior customer experience as well as easier access and availability due to wider distribution network.
Chairman Abu Dhabi Group added that the merger would also encourage other foreign investors to take up commercial activities in Pakistan. He thanked the Finance Minister Senator Mohammad Ishaq Dar and his team for receiving the delegation and extending their support and facilitation for the new venture.
Senior officials of the Ministry of Finance and Minister of Information Technology also attended the meeting.