Qtel Completes Buy

Qtel and ATCO partners complete purchase of majority stake in Burraq Telecom of Pakistan

May 21, 2007

1 Min Read

DOHA, Qatar -- Qatar Telecom (Qtel) Q.S.C. and A.A. Turki Corporation for Trading and Contracting of Saudi Arabia (ATCO) today announced the completion of their joint venture investment to purchase a 75% stake in Burraq Telecom Limited of Pakistan (Burraq).

Burraq is an established operator licensed to offer a full range of telecommunications services across Pakistan, including long distance international and wireless local loop. The company also has associated spectrum at different frequencies. Burraq has recently completed a limited rollout of its Broadband Wireless Access (BWA) network in all of Pakistan’s 14 regions. Burraq generated revenues close to US$ 20 million in the last fiscal year by transacting 240 million minutes through international call termination and prepaid calling card services.

Following the investment of the Qtel/ATCO joint venture and further capital contributions, Burraq plans to invest approximately US$ 80 million in the coming few years to deploy and operate BWA/WiMAX networks within Pakistan.

The Qtel/ATCO investment in Burraq is a part of the joint venture’s strategy to jointly develop and operate BWA services, including WiMAX and other complementary services, in markets in the Middle East, Asia, and North Africa. Qtel owns a 51% stake in the joint venture.

Dr. Nasser Marafih, Qtel’s Chief Executive Officer, commented “Pakistan, with a population base of 160 million people, is an important growth market, and we look forward to working with Burraq Telecom and ATCO.”

Qatar Telecom QSC (Qtel)

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