LONDON (Reuters) - G4S (GFS.L) is set to pull out of Pakistan amid an increasingly hostile environment for foreign security companies, the Financial Times reported on Monday.
The company, which trades under the name Wackenhut Pakistan Ltd, has agreed to sell the business to its chairman in the region for about $10 million.
Ikram Sehgal, chairman of G4S’s Pakistani operation, who already owns a 50 percent stake in the company, is expected to buy the company’s Pakistan interest.
“The Pakistani government has decided it doesn’t want foreign security companies in the region, which makes it tough for outsiders to operate,” Sehgal is quoted as saying.
G4S, the world’s largest security firm, employs 10,000 staff in Pakistan, where it provides security for the UN and multinational corporations.
G4S is under fire over its failure to provide enough guards at the London Olympics.
Reporting by Stephen Mangan; Editing by Diane Craft