Tuesday, Jun 14, 2011
(Adds political background in last two paragraphs)
By Alex Delmar-Morgan
Of DOW JONES NEWSWIRES
DOHA (Zawya Dow Jones)-Qatar Telecom, or Qtel, the Arab Gulf's state largest telecom's firm, plans to raise its 75% stake in Tunisian mobile phone operator Tunisiana, the North African country's state-run news agency said Tuesday.
Qtel chairman Abdullah Bin Mohammed Bin Saud Al Thani met with Tunisian interim Prime Minister Bji Cad Essebsi, the Tunisian news agency reported, and the two men discussed bilateral investment in the telecoms sector.
It added that Al Thani "agreed with the prime minister on raising Qtel's share in Tunisiana, the private mobile telephone company."
In November, Qtel and Tunisian investment firm Princesse Holding said it would pay Orascom Telecom (ORTE.CI) $1.2 billion for the Egyptian company's 50% stake in Tunisiana, with both members of the consortium netting a 25% stake each in the North African company. Through its Kuwaiti Wataniya unit, Qtel already owned a 50% stake in Tunisiana.
After the January revolution that swept Zine al-Abidine Ben Ali from power, billions of dollars worth of the former president's assets were investigated and seized by the interim Tunisian government. Ben Ali's son-in-law, Mohamed Sakher Al Materi, was chairman of Tunisiana.
Persian Gulf telecom companies flush with petrodollars, have increasingly ventured abroad over the last few years in search of new sources of income as domestic monopolies end.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
(END) Dow Jones Newswires
14-06-11 1702GMT
