Qtel raises stake in Kuwait Wataniya to 92pc
Doha, October 7, 2012
Qatar Telecom (Qtel) has raised its stake in Kuwait's Wataniya to 92.1 percent from 52.5 percent following the close of its tender offer. It paid 519.1 million Kuwaiti dinars ($1.8 billion) for the stake.
The Qatari firm, which operates in 16 countries across the Middle East, Africa and Asia, paid 2.6 dinars per share, it said in a statement on Sunday.
It did not specify from whom it bought the shares, but on Saturday, sources familiar with the situation told Reuters that the Kuwait Investment Authority (KIA) had agreed to sell its 23.5 percent stake in Kuwait's No 2 telecom operator to Qtel.
Shareholders tendering their shares will be paid within about three weeks, Qtel said, pending approval by the Kuwait Capital Markets Authority (CMA) and the Kuwait Stock Exchange. The CMA previously approved the offer in August.
The deal cements Qtel's control of Wataniya, which has operations in Algeria, Tunisia, the Maldives, Saudi Arabia and the Palestinian Territories.
Qtel did not say whether it would now seek to delist Wataniya from the Kuwait bourse, and it is unclear whether market rules allow Qtel to force remaining shareholders to sell.
"We respect the decision of those shareholders who decided not to accept the offer and look forward to their continuing support," the Qtel statement added.
Qtel bought a controlling Wataniya stake in 2007 but has been seeking full control to capitalise on the company's weak share price and growth prospects in emerging markets such as Algeria and Tunisia. - Reuters
More IT & Telecommunications Stories
- Batelco unveils new business broadband package
- Mobily seals Bharti Airtel partnership deal
- VIVA launches exclusive rewards program
- US govt to shed control of net addresses
- Etisalat sets ultimatum for SIM card registration
- Acer targets double digit growth in Saudi
- UAE mobile radiation levels below global standards
- Arpu's T-Pay gateway draws top game vendors
- SAP unveils new cloud platform
- Zain launches smartphone insurance
- Windows XP users warned on usage risks
- Tecom units welcome 181 new companies
- Ooredoo chairman joins WB gender equality council
- Mobily, Jasper start wireless M2M service
- Telecom Egypt expects mobile licence in Mar or Apr
- Sandvine wins big Etisalat follow-on order
- Aveva software for engineering plant design
- Nawras to upgrade VSat services across Oman
- Mobily, Huawei sign smart network contract
- Etisalat, Tata launch video connect service
- Talia seals new partnership with Thuraya
- 4-pillar approach for telecom operators to boost growth
- Dubai mobile emissions below global standards
- Nawras signs capacity contract with SES
- Etisalat showcases satellite solutions at Cabsat
- Batelco launches 4G LTE roaming
- Gulf Air clinches best innovation award
- Viva inks Pepsi partnership deal
- Du offers free smarphones on tablet purchase
- Batelco launches double credit promotion