Wi-Tribe Pakistan Sold by Ooredoo

The Qatar based Telecommunication giant and one hundred percent stake holder of wi-tribe Pakistan, Ooredoo has sold wi-tribe to NB Offshore Investment Ltd for around USD 9 million or PKR 940 million.

They didn’t give much details, only the fact that the transaction was made in cash that is in line with the value of the asset.

wi-tribe

It is suggested that deal the between Ooredo and HB Group (the backers of NB Offshore Investment) was locked almost six months back and the announcement was made today because the HB group has taken over completely with new management in place.

HB Group is quite established in Pakistan having experts in telecommunications, real estate sector, luxury imports & trading, Education, Alternate energy and Customized security services along with others.

Owner of HB group, Hassan Bokhari, enjoyed success in the domain of household telecom services after telecom deregulation in the UK. He has also made investments in telecommunication sector in Azad Kashmir and Gilgit Baltistan.

HB Group, along with WiMAX business of wi-tribe, will get company’s LDI license as well. wi-tribe can also acquire DTH license that is set to be auctioned in Pakistan in near future.

According to PTA, the WiMAX users came down from 487,000 to 207,000 in just 18 months.

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