Abu Dhabi Group invests more in Pakistan unit - Emirates24|7

Abu Dhabi Group invests more in Pakistan unit

Abu Dhabi Group has pumped Dh85.5 million into its telecom venture in Pakistan, media reports said.

Over the past few weeks, Abu Dhabi Group has injected support of over Rs2.1 billion (Dh85.5m) into Wateen Telecom Limited, Pakistan-based Daily Times newspaper said in its edition on Wednesday.

Abu Dhabi Group augmented $2bn investment in Pakistan through its listed telecom ventures Wateen Telecom Limited.

Quoting sources, the paper said the new foreign direct investment into Pakistan is likely to be welcomed by the general public and various stock exchanges of Pakistan.

It will help further boost their confidence and comfort in the Group and its conglomerates, it added.

For Pakistan, it implies an influx of US dollars into the country while for Wateen Telecom Limited it shows shareholders’ confidence in the company and its management while supporting the business plan.

No more dilution of Wateen’s shares is expected as a result and will further strengthen Wateen’s financial capacity, Daily Times said.