Tuesday, Oct 23, 2012
DOHA (Zawya Dow Jones)--Qatar Telecom, better known as Qtel, said Tuesday it has completed its $1.8 billion stake hike from 52.5% to 92.1% in Kuwait's National Mobile Telecommunications Co., or Wataniya, following approval from the regulators.
Following approval from the Kuwait Capital Markets Authority and execution by the Kuwait Stock Exchange, Qtel said in an emailed statement it had increased its stake in the carrier by 39.61% by buying 199,649,694 Wataniya shares at KWD2.600 per share in a deal valued at 519.1 million Kuwaiti dinars ($1.8 billion).
Qtel announced the Wataniya deal earlier in the month.
Shares in Qtel are trading up 1.1% at QAR105.90 in a flat market.
Write Alex Delmar-Morgan at alex.delmar-morgan@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
23-10-12 0659GMT
