Qtel announces completion of Mandatory Tender Offer for Wataniya Telecom Kuwait
Tuesday, 23 October 2012
DOHA: Qatar Telecom (Qtel) has announced the completion of its Mandatory Tender Offer for National Mobile Telecommunications Company K.S.C. ("Wataniya Telecom Kuwait") (Ticker: NMTC).
Following approval from the Kuwait Capital Markets Authority ("CMA") and execution by the Kuwait Stock Exchange ("KSE"), Qtel has completed the acquisition of 199,649,694 Wataniya Telecom Kuwait shares representing 39.61% of the total shares in issue for a total consideration of KWD 519.1 million (USD 1.8 billion) at a price of KWD 2.600 per share, a Qtel press release released on its website here Tuesday said.
As a result Qtel’s shareholding in Wataniya Telecom Kuwait has increased from 52.5% to 92.1%.
Qtel originally made the offer to all other shareholders of Wataniya Telecom Kuwait on September 4, 2012, at a price of KWD 2.600 per share. Following the conclusion of the offer, Qtel will have increased its shareholding in Wataniya Telecom Kuwait from 52.5 to 92.1%.
The Qtel Group is a leading international communications company, with a significant presence in the MENA region and Southeast Asia, and having a consolidated customer base of 89.1 million as of 30 September 2012. Its businesses operate under various names, including Qtel, Indosat, Asiacell, Wataniya, Nawras, Nedjma and Tunisiana.
Wataniya Telecom Kuwait has complete ownership of Wataniya Kuwait, in addition to stakes in Wataniya-Maldives (100%), Wataniya-Palestine (48.5%), Nedjma in Algeria (71%), PTC-Bravo in Saudi Arabia (100%), and Tunisiana in Tunisia (75%).
The company is driving a number of important changes across their respective markets. For example, Wataniya Kuwait has improved network service, introduced a wide range of value added services for customers, and added new business services.
The Qtel Group's principal activities are mobile telephone services, broadband solutions, digital futures and fibre technologies, serving both consumer and business markets. Headquartered in Doha, Qatar, the Qtel Group is ambitiously growing its global business on the basis of its insights into the needs of customers in emerging markets. Qtel Group's ultimate parent company is Qatar Telecom ( Qtel ) Q.S.C., whose shares are listed on the Qatar Exchange and the Abu Dhabi Securities Exchange. (QNA)