Qatar Telecom to acquire majority stake in National Mobile Telecommunications

Qatar Telecom (Qtel) is rumored to be considering acquiring a 51 percent of Kuwait’s National Mobile Telecommunications Co. (Wataniya).

The deal is worth around 3.7 billion dollar. The deal is likely to see Kuwait Projects Co. to sell its entire 51 percent stake to Qtel for 1.075 billion Kuwaiti dinars.

This information was revealed to the media by the KIPCO managing director and chief executive officer Faisal al-Ayyar.

The deal once completed would be the largest of its kind by any foreign company in Kuwait.

To comply with the regulatory rulings, this deal would be required to be announced on the bourse for five working days that end on Wednesday before it can be officially signed.

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