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FINANCIAL NEWS
Qtel raises stake in Singapore’s StarHub by 7.45%
17 Nov 2011
(MENAFN) Qatar Telecom (Qtel) Group Chief Executive, Nasser Marafih, said that the company raised its stake in Singapore’s StarHub, the country’s second largest telecom firm, by 7.45 percent, reported Arab News.
Marafih added that the transaction came through the Qatari firm’s Asia Mobile Holdings joint venture with Singapore Technologies Telemedia, increasing the company’s stake in StarHub to 14.1 percent, whereas Asia Mobile Holdings controlled 56.55 percent.
He also said that the deal would strengthen the company’s presence in Southeast Asia and boost its expansion plans.
It is worth noting that the acquisition was completed through a share purchase deal with a unit of Singapore state investor called Aranda Investments.
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