SingTel has sold its 30 percent stake in Pakistani mobile operator Warid Telecom to majority-owner the Abu Dhabi Group, for a cut price $150 million.

The sale represents an almost $200 million loss on the asset as the Singapore-based operator group appeared to admit defeat in Pakistan’s crowded and fiercely competitive mobile market.

“Excluding the value of any future transaction interest, the estimated loss on disposal will be approximately SGD230 million [$186 million], including the foreign currency translation losses and transaction costs,” SingTel said in a regulatory filing.

SingTel acquired its 30 percent stake in Warid in 2007 for $758 million but is thought to have earmarked the loss-making asset for sale since last summer. The UAE-based Abu Dhabi Group will now take over 100 percent control of the operator.

According to the latest Wireless Intelligence data, Warid had an estimated 12.3 million mobile connections in Q4 2012, making it Pakistan’s fifth largest operator with about a 10 percent market share.