Qtel raises stake in Wataniya from 52.5 per cent to 92.1 per cent

Qtel Group has closed on its offer to increase its stake in Wataniya Telecom Kuwait, and has secured ownership of 92.1 per cent of the mobile operator.

Following the expiry of Qtel’s offer to acquire the 47.5 per cent of shares it does not own in Wataniya Telecom on October 4, Qtel has received acceptances from shareholders for 39.61 per cent of the total shares in issue. Qtel originally made the offer to all other shareholders of Wataniya Telecom on September 4.

"We respect the decision of those Wataniya Telecom shareholders who decided not to accept the offer and look forward to their continuing support as we enter into a new period of investment across all Wataniya Telecom Kuwait’s main markets,” commented Abdullah Bin Mohammed Bin Saud Al-Thani, chairman of Qtel Group. “We are also grateful for the Algerian Authorities understanding of our position, taking into consideration that no change takes place in the Wataniya Telecom Algeria management control in line with Algerian law, and granting us the opportunity to fulfil this deal which will stimulate our investments, particularly in the promising and thriving Algerian market," he added.

In 2007, Qtel paid US$3.8 billion for an initial 51 per cent stake in Wataniya Telecom. In 2011, Wataniya Telecom posted revenue of US$2.62 billion and net profit of US$1.3 billion.

Wataniya Telecom 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%).