Singapore Telecom Intrested in Pakistan’s telecom market

Singapore Telecommunication is planning to jump into Pakistan’s telecom and mobile phone market, They are negotiating with Abu Dhabi Group for sale-out of more stakes of Waridtel as SingTel already owns 30 percent stakes in Warid Telecom. An agreement between Singapore Telecommunication Company, more commonly known as Singtel, and Abu Dhabi Group is likely to be signed before June 2009. The decision comes as the company is facing a saturated domestic market, while the country comprises only 4.8 million people. Feeling the heat, SingTel has spent 18 billion Singapore dollars to invest in India, Indonesia, and the bigger Australian market. Revenue growth in Singapore is expected to slow down to single digit in the year to March 2010. While David Lee of Singtel has already taken charge as CCO of Warid Telecom, SingTel already owns 30 percent stake in Pakistan’s Warid Telecom. Singtel is reported to have expressed keenness for acquisitions after warning that revenue growth in its home market would slow down due strong Singapore dollar.