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DOHA: Qatar Telecom (Qtel) has reached agreement with the Tunisian Government to acquire a further 15 percent stake in Tunisiana S A (Tunisiana) for a total consideration of $360m.
National Mobile Telecommu-nications Company KSC (“Wataniya” or “NMTC”), a 92.1 percent subsidiary of Qtel already, has a direct holding of 75 percent in Tunisiana. Following completion of the transaction, Qtel and its’ subsidiaries total holding in Tunisiana will increase to 90 percent.
The Tunisian government will retain a 10 percent holding in Tunisiana with a view to a public offering in the future.
This agreement underlines the strong bonds that link Qatar with Tunisia, and demonstrates the ongoing and evolving opportunities for joint investment and development.
Sheikh Abdullah bin Mohamed bin Saud Al Thani (pictured), Chairman of Qtel Group, said: “We are pleased to have been offered the opportunity to further increase our shareholding in Tunisiana, an outstanding company which we believe will continue to deliver long term value for our shareholders.
“We also look forward to continuing our partnership with the Tunisian authorities as Tunisiana enters into a new phase of its development with the continuing expansion of 3G services and the launch of fixed line services in 2013. We are convinced that these new services will enhance the experience of Tunisiana’s customers and will contribute to growth in Tunisia’s economy.”