As a result of the ICC's ruling, the consortium led by KIPCO is entitled to receive from Qatar Telecom (Qtel) a further KD89.4m ($325.7m) as proceeds from the sale of Wataniya.
KIPCO Group's share of these proceeds - amounting to KD79.2m ($288.6m) - will create additional income in KIPCO's 2007 fourth quarter earnings.
Qtel and the KIPCO consortium had agreed that part of the consideration for the KD1.1bn ($3.7bn) sale of a controlling stake in Wataniya in March, 2007 would be held in escrow pending resolution of this dispute and some other issues. Most of these issues have now been resolved.
Commenting on the ICC ruling, Mr Faisal Al Ayyar, Managing Director and Chief Executive of KIPCO said "We are absolutely delighted with the ICC's award which confirms Wataniya's continuing ownership interest in Tunisiana, one of the best performing telecom operators in North Africa. As the biggest sale of its kind so far in the Gulf region, the sale of Wataniya was an extremely complex deal that we managed to complete in just ten days. So, I'm delighted that from our perspective, the sale of Wataniya is now complete and we are able to take the full sale amount of over one billion Kuwaiti dinars as income before the end of this year.
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KIPCO consortium to receive additional KD89.4m from Wataniya sale
- Kuwait: Tuesday, November 27 - 2007 at 12:37
- PRESS RELEASE
KIPCO - the Kuwait Projects Company - announced today that an International Chamber of Commerce (ICC) Tribunal has ruled in favour of Wataniya Telecom in an arbitration case brought by Orascom Telecom. The Arbitral Tribunal also awarded the ICC costs to Wataniya.
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About Tunisiana: Wataniya Telecom took a 50% holding in Tunisiana in October, 2002. Tunisiana has since become one of Tunisia's leading mobile telephone operating companies and has a current 47% market share and 3.2 million subscribers (as of June, 2007). Orascom took its claim on Tunisiana to the ICC Arbitration Court in May, 2006.About KIPCO: the KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with assets worth more than $20bn under management or control. The Group has substantial ownership interests in a portfolio of 54 companies operating across 18 countries. The company's main business sectors are financial services and media. Through the subsidiaries and affiliates of its companies, KIPCO also has interests in Healthcare, Industry, the Management & Advisory sector and Real Estate.
Further information:
Robert Hipkins
KIPCO Group Communications Director
+965 635 6969
Posted by Lara Lynn Golden, News EditorTuesday, November 27 - 2007 at 12:37 UAE local time (GMT+4)
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