FINANCIAL NEWS

Qtel flirts with Kuwait’s Wataniya for remaining stake

27 Jun 2012

(MENAFN) Qatar Telecom (Qtel) made a bid to takeover the remaining 47.5 percent stake in Kuwaiti unit Wataniya, Reuters reported.

Kuwaiti’s Capital Markets Authority said in a statement that Wataniya shares were suspended from trading temporary after it received a takeover bid from Qtel for the entire transferable shares of the company.

Qtel acquired 51 percent of Wataniya Telecom shares from Kuwait Projects Company Holding KSC (KIPCO) group for about USD3.7 billion.

Kuwait Investment Authority, the Gulf state’s sovereign wealth fund, has a 23.5 percent stake in Wataniya and the remaining shares are publicly held.

Wataniya is the second largest telecoms operator in Kuwait, and has operations in Kuwait, Tunisia, Algeria, the Palestinian Territories, Saudi Arabia and the Maldives.

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