LAHORE: Abu Dhabi Group, a large business conglomerate in the Middle East and a major investor in Pakistan, has acquired all the shares of SingTel in Warid Telecom.

An announcement on Tuesday said the deal meant the transfer of 100 per cent shareholding of the company to the group, showing its commitment to the company.

“This strategic decision will allow the group to have a more focused approach as Warid enters its 8th year of operations in Pakistan,” the announcement said. But the group did not disclose the price at which the deal was closed.

“The Abu Dhabi Group has a diverse investment portfolio in Pakistan ranging from information and communication technologies (ICT) to financial services to energy to hospitality, to real estate to healthcare and agriculture and is one of the leading foreign investors in the country.

With this step of acquiring complete control of Warid Telecom, the group is reaffirming its belief that the telecom sector is set to grow further,” it said.