About wi-tribe Pakistan Sale
Ooredoo (Q.S.C) ticker (ORDS) announced on 27 March 2016 that its subsidiary wi-tribe limited concluded the sale of wi-tribe Pakistan to HB Offshore Investment Ltd. for a cash amount of approximately QAR 32.7 million. HB Group is established in the telecommunications sector in Pakistan, and is planning to expand further.
- The purchasing company:
HP Offshore Investment Co. Ltd., a newly established company under the umbrella of "HP Group International", a multinational company that is privately owned and engaged in the telecom sector in Pakistan through its “Sky Telecom Pvt Ltd.” Affiliate. It plans to increase its presence in the region through the acquisition of companies that own operating licenses. Shareholders: Mr. Syed Ruickshar Hassan Bokhari, is the manager and owns 100% of HP shares Offshore Investment Limited.
- The purchased company:
Wi-tribe Pakistan Limited was founded in Pakistan on 26 May 2004 as a public limited company under the Companies Act 1984, and was owned by wi-tribe Limited, registered in the Grand Cayman Islands, which is owned by Ooredoo (QSC) based in Qatar.
The core activities of the company are to provide foreign and international telecommunications services and telecommunications in Pakistan under license from the Communications Commission of Pakistan. The company's capital is 3,798,314,340 Pakistani rupees and the number of shares 379,831,434. The sale deal includes 100% of the shares. The purchase price is 9 million US dollars, including all outstanding dues to the seller. As Ooredoo prioritised its assets to align with its core business, the company decided to sell the company in Pakistan. There is no material impact and no conflict of interest between the persons concerned the offer, or the members of the Board of Directors, or the majority of shareholders.
- The selling company
Wi-tribe Limited, registered in the Cayman Islands, is a 86.1% owned subsidiary of Ooredoo (QSC) with a capital of 91,298,933 US dollars. Its address is Turner & Rolstone Management ltd, strathelfeel House, P.O.Box 2636 George Town. Grand Cayman.
- Major shareholder data in the company to be sold Ooredoo (QSC). There is no conflict of interest between the persons concerned the offer, or the members of their boards of directors or senior shareholder.
Summary financial results for the last three years: total revenue for 2015: US $28,871,782; 2014: US$ 38,338,830 2013: US$ 43,618,586. Net profit / loss in 2015: (US $701,724); 2014: (US $15,130,302); 2013: (US$ 13,513,166). For equity, in 2015 it was (US $89,402,261). For 2014 (US $92,535,626) and for 2013 it was (US$ 73,709,741).
About FASTteclo Acquisition
Supplementing Ooredoo announcement on 28 April 2016 that Ooredoo Kuwait had acquired FASTtelco in exchange for KD 11 million.
- The acquired company: FASTtelco was founded in 2001 as a limited liability company engaged in fixed Internet services.
- The purchasing companies: National Mobile Telecommunications Company (KSC) Company "Ooredoo Kuwait", is 92.1% owned by Ooredoo Global Investments (LLC), and 7.9% to the public, with a capital of KD 50,403,276. It is chaired by Sheikh Saud bin Nasser Al Thani, and Mr. Aziz Al Othman Fakhroo; Mr. Bader Nasser Al Humaidi, Mr. Fahad Othman Al Saeed, Mr. Yousef Mohammed Al Sumait, Mr. Abdulaziz Ibrahim Fakhroo, Mr. Ahmed Ali Al Mohannadi as Board Members. The company has acquired a 99% stake in the company "FASTtelco". And Al Wataniya Gulf Telecommunications Holding Company S.P.C. is registered in the Kingdom of Bahrain, a wholly owned subsidiary of Kuwait Ooredoo (KSC), with capital of BD 250,000. The members of its Board are Sheikh Saud bin Nasser Al Thani and Mr. Ajay Bahri. This company accounts for 1% of the company's shares "FASTtelco".
- The deal aims to enter the market for fixed telecommunications in Kuwait to provide integrated services to subscribers (mobile and broadband and the Internet).
- Summary financial statements for the company FASTtelco: total revenue in 2013 is KD 9977545; 2014: KD 12,058,672; 2015: KD 12,642,188. As for the net profit / loss are as follows: 2013: (KD 1,512,642); 2014: KD 741 160; 2015 KD 763,820. Equity in 2013: KD 3,442,000; 2014 KD 4,183,000; and 2015 KD 4,947,000. For National Mobile Telecommunications Company: total revenue for 2013: KD 736,212,285; 2014: KD 762,971,419; 2015: KD 722,326,291. Net profit for 2013: KD 97,846,013; 2014 KD 53,730,296; 2015 KD 34,345,026. Equity in 2013 KD 805,571,000; 2014: KD 736,941,000; 2015: KD 687,286,000.For Al Wataniya Gulf Telecommunications Holding Company S.P.C.: net profit / loss for 2013: (5,249); 2014: (BD 3,761,906); 2015: (BD 5,475). Equity for 2013, 2014, 2015: BD 250,000.
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Ooredoo is a leading international communications company delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses across markets in the Middle East, North Africa and Southeast Asia. As a community-focused company, Ooredoo is guided by its vision of enriching people’s lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential. Ooredoo has a presence in markets such as Qatar, Kuwait, Oman, Algeria, Tunisia, Iraq, Palestine, the Maldives, Myanmar and Indonesia. The company was named “Most Innovative Company of the Year – MEA Region” at the 2015 International Business Awards.
The company reported revenues of USD 8.8 billion in 2015 and had a consolidated global customer base of 117 million customers as of 31 December 2015. Ooredoo’s shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.