Wateen Gets Rs. 2.1 Bln Funding from Dhabi Group

Wateen Gets Rs. 2.1 Bln Funding from Dhabi Group
Wateen Telecom today announced that it has received Rs. 2.1 billion as emergency fund injection from Dhabi Group.
Wateen didn’t say any word on the type of funding, however, it is assumed that its a soft loan – spanning over a longer duration of period.
This fund injection will not dilute Wateen’s shares as a result, said the statement.
The primary objective is to secure losses, pending liabilities along with stabilization of Wateen telecom in the market and the stocks.
Wateen says that the decision that came from board of directors will imply as an influx of US dollars into the country while for Wateen it shows shareholders’ confidence in the company and its management while supporting the business plan.
Update:
On other hands, Business Recorder reported today that Wateen posted Rs. 2 billion as after tax loss in the year ended June 30, 2010 (FY10) as compared to profit after tax of Rs 927.763 million in the corresponding period in FY09.
The board of directors of the company in its meeting held at Abu Dhabi, UAE declared Rs 4.43 per share loss in the period under review against earning per share of Rs 2.22 in the same period a year back.
According to the financial results sent to Karachi Stock Exchange (KSE), the company’s revenue declined to Rs 7.961 billion in FY10 against Rs 15.410 billion in FY09.
The cost of sales (excluding depreciation and amortisation) declined to Rs 5.917 billion against Rs 10.607 billion. Depreciation and amortization increased to Rs 1,648.499 million against Rs 946.810 million. The company posted Rs 3.091 billion as loss before taxation in FY10 against profit before taxation of Rs 1.446 billion in FY09.
It merits mentioning here that Wateen had raised Rs. 2 billion with its IPO earlier this year.

Wateen Tops Another Chart, Plagiarization!

Wateen Tops Another Chart, Plagiarization!
When writing a blog online, we have started embracing the fact that it’s going to get copied and it’s going to get copied a lot. And since we already have embraced the fact, we let our stories and content go, well, sort of.
We like our words being spread, even if that’s the way they get it. However, it starts to itch us a bit when that goes way out of the hands.
We usually let people use our content (even word to word) requiring a credit link, just to credit our efforts there (even though it still causes us losses monetarily). But not everyone writes to us to ask, or puts the credit  link, we usually let that go too, unless it’s someone who shouldn’t really be doing that, or does it too often.
In-fact, the latter category, they have installed scripts which automatically lift content from our RSS feeds and effortlessly republishes it on their websites.
Wateen has finally made it to the said category. Almost all the content that makes it way to the “Wateen’s Infotainment Portal” is scrapped off from blogs around the globe.
We can put countless links here for reference which have been taken off from my website and there are again countless which are being taken off from other similar blogs and for some reason, they didn’t find it serious enough to write us back, when we contacted them through their contact form.
Below are few of the links which have recently been scrapped off from KoolMuzone

Wateen Allows Open Access to Its Customers’ Private Info

Wateen Telecom, through its Self Care, is offering its customers to know their latest account status along with a facility to recharge their accounts, but the alarming thing is that system neither asks for any password nor system generated user name; instead all customer’s private information is revealed by just submitting random names.
Here on this url: http://58.27.179.144/selfcare simply guess and enter names like: Bilal, Aslam, Aamir, Huma, Najma etc.
P.S. You don’t need to be a Wateen customer to enjoy personal information of Wateen users;
Below is screen shot of a random customer, interestingly there is a sign out button for a page which never asked for sign-in.

Wateen Offers Bill Waiver and More for Inactive Customers

Wateen has offered its inactive customers, who have not used their Wateen accounts since 30th April 2010, can recharge their accounts and get following incentives:

• Previous bill amounts WAIVED OFF
• One month’s LINE RENT absolutely FREE
• Entry into a lucky draw to WIN AN IPOD

This offer is valid till 21st September.
Wateen customers can get WCard from nearest retail outlet or get a PIN from any MCB merchant outlet and recharge to reconnect today.
As soon as you recharge, your bill date will be revised to the 21st of each month and your previous bill amount will be waived off. Your next month’s line rent will be transferred into your account on or by 21st September, 2010.
Lucky Draw winners of the iPod will be posted on go.wateen.net at the end of the promotion period.

Wateen Offers Student Discount Package in Selected Cities

Thanks to USF, Wateen telecom is offering WiMAX broadband services at discounted rates for students in selected cities.
This discount is offered exclusively for students in following cities:

• Okara
• Sargodha
• Abbottabad
• Gujrat
• Sialkot
• Sheikhupura
• Sahiwal

Student of these cities can get discount on Wateen services by simply presenting their School, college, University identity at Wateen Franchises.
Discounted Wateen Rates for Students are as following:

• 256 Kbps – Unlimited Volume for Rs. 839
• 512 Kbps – Unlimited Volume for Rs. 909
• 1 Mbps – 1 GB Limit for Rs. 299
• 1 Mbps – Unlimited Volume for Rs. 979

All these packages come with

• Upfront cost: Zero
• Security: Zero
• Monthly Device Rental: Zero

For more information call Wateen’s helpline here: 111-365-111 (Be informed that wait time is usually longer than 4-5 minutes)
It merits mentioning here that these cities were offered subsidy by USF (see map above) – where it is mandatory for broadband operators to achieve a target number of customers to start receiving the subsidy grants from USF. As it is apparent from the map that USF has plans to stretch its subsidy for broadband to other under-served cities of Pakistan as well.
For complete details on USF’s Broadband programme: http://www.usf.org.pk/Broadband-Programme.aspx

Wateen Binds Login IDs with MAC Addresses

In an effort to completely eliminate the chances of multiple use of Login IDs, Wateen has decided to bind login IDs with MAC address of its CPEs (or WiMAX devices) – meaning that one login ID will be applicable for one CPE only.
Earlier, Wateen had made multiple efforts for restricting multiple usage of its account, i.e. one account used by more than one customers, however, this step will leave no chance for multiple customers to use one ID.
By the way, Media Control Access or MAC address is supposed to be unique identifier for network cards/devices across the globe.
However, strategy adopted to implement this policy is causing trouble to the customers. Wateen is asking its customers to provide MAC address of their CPEs, so they can update their records and assign one particular ID for the CPE.

Meezan Bank to Get Connectivity from Wateen, Multinet

Meezan Bank has engaged the services of two renowned data operators, Wateen and Multinet to connect its 201 branches and offices in 54 cities across the country using optical fiber.
Meezan Bank has embarked upon an aggressive strategy to improve its level of customer service by investing in sophisticated technology to link all its branches and offices nationwide through a reliable and stable telecom network.
At the agreement signing ceremony held at Meezan Bank’s Head Office at Karachi, General Manager of Wateen, Mr. Furqan Qureshi and CEO of Multinet, Mr. Adnan Asdar thanked Meezan Bank’s management for reposing confidence in their organizations and reiterated their commitment to provide efficient, cost effective services to Meezan Bank.
Meezan Bank’s COO, Mr. Ariful Islam acknowledged both companies’ past performance in delivering quality services to Meezan Bank and expressed the Bank’s desire to continuously improve its level of customer services, one way of achieving which is to regularly upgrade its technology backbone.
Meezan Bank is the first and largest Islamic Bank in Pakistan with a network of 201 branches in 54 cities across Pakistan and offers an extensive product menu of Islamic Banking products and services.
All branches of Meezan Bank are ‘on-line’ and are supported by state-of-the-art 24/7 Banking services. Customers can also utilize Meezan Bank’s nation-wide network of over 165 ATMs.

Watch Full Length Movies on Wateen

Wateen has got a portal that is filled with multiple segments ranging from news section to blogs and from games to movies.
It is indeed a good effort to bring forward the local content and that too backed by such a large ISP. This can probably serve as an example for the rest of companies to deploy their portals where users can share content from our local industry.
However, there is a problem that we wanted to point out. Just like PTCL’s entertainment portal (which is exclusively available for only PTCL broadband users), Wateen has started uploading full length movies – on third parties’ servers – and which are available for everyone to watch them.
Now we are not sure if they have got redistribution license for these movies or not. Wateen is not only uploading these full length (apparently pirated) videos from admin’s account but they are also advertising it through their official twitter account.
Here is the link for Video Portal on Wateen’s website: http://videos.wateen.com/index.php

Another question is that why an ISP like Wateen is hosting videos on third party service providers? Because they are illegal?
But let’s take it this way, what if Wateen starts offering services with hosted on their own servers, maybe one day it can replace Youtube? Why not? They can commercialize the project, make money out of it and above all: do a service to this country by providing our own video sharing platform. [Particularly after this big-ban incident]

Wateen IPO 82 Percent Oversubscribed

The Initial Public Offering (IPO) of Wateen Telecom Limited offered on April 20 and 21, 2010 to institutions and general public closed with an overwhelming success.
It is 82 percent oversubscribed from all categories of investors, said a statement issued by Arif Habib Limited, Wateen’s arranger for IPO.
As per the data received from the bankers to the issue, total subscription received for Rs 2.006 billion as proceeds of over 200 million shares subscribed against the offered 110 million shares at a par value of Rs 10 (for Rs 1.1 billion). The additional green shoe option of 90 million shares (for Rs 900 million) is also fully subscribed; again at a par value of Rs 10 per share.
“Arif Habib Limited is proud to be the adviser and arranger of this IPO offering to Wateen and Abu Dhabi Group,” said Arif Habib Limited Chairman and CEO Samad Habib.
“We congratulate Wateen on the success of their capital raising issue, and would like to wish them continued success in further developing the telecommunication sector of Pakistan,” said Arif Habib Limited COO Bilal Moti.
Wateen is expected to be listed on all three stock exchanges – Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange – on May 27, 2010.

Wateen Eyeing Agriculture, Energy Sectors

Abu Dhabi Group is considering some options in agriculture and power sector while on the hospitality front things have slowed down following the negative image developed by suicide bombing in the recent past. This was stated by Wateen Telecom (WTL) Director Pervez A Shahid while talking to newsmen. WTL Chief Executive Officer Tariq Malik and other senior officials were also present on the occasion.
Shahid said that the Group could have set up its own satellite if circumstances had allowed. The foreign investment in the country has landed in only specific sectors while major areas are still unattended. As a result, Pakistan is left behind in value-addition as compared to the rest of the region, he added.
Wateen CEO Tariq said that the Rs 52 as value of Wateen’s share has been calculated as replacement cost of the company, while almost all brokerage houses have their different valuations about the price of the share, ranging from Rs 15 to Rs 24.60.
About future earning prospects of Wateen, he said that Wateen has sold out only three pairs out of 24 of its 10,000 km long fibre optic, and its total capacity is heavily utilized. Wateen is in negotiations with different companies for selling its rest of the capacity and one can imagine if even some part of the rest of the capacity would be sold out, he added. Moreover, it has outclassed the rest of competitors by winning majority projects offered by the government of Pakistan under Universal Access program in low developed areas. More interestingly, Wateen is conducting a business which no other company is doing in the rest of the country, he added.
It is highly likely that the company’s forthcoming IPO would be over-subscribed following its promising future earning prospects. Expressions of interest by the financial institutions for underwriting its scrip as well as deal of extending credits both speaks volumes about what the financial sector of this country thinks about the Wateen, he added. Wateen would be launching a new software very soon which would double the speed of data transfer on the existing network as compared to current one, Tariq said, adding that majority of data and voice traffic of Afghanistan is also being booked by Wateen over here.
Talking about dismal performance of ‘telecom sector’ on stock markets of the country, he said it was no denying the fact that telecom sector is not being very well represented at the domestic bourses. Only three out of total 26 companies have so far been listed on the domestic stock markets, which was reason that Wateen was warmly welcomed by both brokers and small investors. Therefore, inference should not be drawn from overall telecom sector to the Wateen’s future prospects, he added.
He said that Wateen has decided to raise further equity to the tune of Rs 1,100 million by offering additional 110 million shares with a ‘green-shoe’ option of further Rs 900 million by offering additional 90 million shares both at a price of Rs 10 per share through initial public offer (IPO) to the general public and institutional investors. It is worth mentioning that more than 14 financial institutions, leading banks and strategic investors have already ‘underwritten’ the full issue of 110 million shares. Therefore, there would be no question of ‘under-subscription’ of this issue, he added.
He said that JS Research in its report had shown that currently Wateen has 418 million shares in issue, with Warid Telecom International 79.8 percent and Bank Alfalah 20 percent being the two key shareholders. This IPO is expected to dilute their stakes by 29-32 percent, he added.
Via Business Recorder

SECP Approves Wateen’s IPO

SECP has approved the Initial Public Offering (IPO) of Wateen Telecom Limited and fixed April 13, 14 and 15 as dates for subscription of shares.
The IPO is the largest one through which the company will get Rs 2 billion from the country’s stock market thus expanding its paid up capital which has been approved by its sponsor directors.
Wateen Telecom Limited after getting itself listed at the KSE, would be offering its 110 million shares to raise capital by Rs 1.1 billion with a green shoe option of 90 million shares at the face value of Rs 10 per share through an IPO to general public and institutional investors.
Abu Dhabi Group has already approved this strategic decision. Company has posted a profit after tax of Rs 1.018 million by the end of fiscal year 2008-2009, which translates into an earning per share of Rs 4.88.
Via Daily Times

Wateen Pays Tribute to Icons

In these tumultuous (turbulent) times our nation needs to take inspiration from the Icons whose heroic efforts have been immortalized in the pages of history.
These Icons, both living and dead, have been an inspiration for us over decades but a reminder of their struggles and victories will help to once again revive the pride of this nation and regain the confidence of achieving what we aim for.
Wateen Telecom has taken an audacious step to bring these Icons in the limelight felicitating them for their lifetime achievements by dedicating its 2010 Diary and Calendar to the true Icons of Pakistan.
The focus revolves around 12 iconic personalities that depicts a synopsis of their life and achievement that people of Pakistan should remember, the trials and troubles that these heroes went through to accomplish their dreams bringing honor to their homeland.
Wateen chose to honor 12 Pakistanis from different walks of life connected by only one quality; brilliance in their respective fields.
Nazir Sabir, Muhammad Abdur Rahman Chughtai, Dr. Rail Muhammad Chaudhry, Abdul Sattar Eidhi, Sadruddin Hashwani, Pathanay Khan, Patras Bukharl, Dr. Atta ur Rahman,, Shoaib Mansoor, Saadat Hassan Manto, Nigar Nazar, Hashim Khan: defying all stereotypes these 12 people have influenced not just Pakistanis but dazzled the whole world through their achievements.
via TheNation

Wateen has got Amazingly Awful Official Homepage

fficial page of any corporation/company is mirror to the online world. But sometimes people don’t care about this fact and just let it go down with the passage of time.
Right now, we have Wateen as our case study. Just in case you don’t know their official webpage address, it is www.wateen.com but in case if you don’t know it, let’s try googleing it.
Google returned www.wateen.com too. Lets Click on results, and Pop in. See what’s in store for us.

You find nothing there but just one Corporate Site Link and Brown colored background – Wow!! Nice work people. I feel like sitting in a barber shop now!!.
By the way, Wateen’s home page is this way for last few days now.
But have you ever seen someone telling you numeric url of corporate website? Wateen does give you one. Their corporate website address is “http://58.27.200.8/index.aspx”. What a MIRROR!!!!!