Qatar Telecom soars as full acquisition of Kuwait's Watanyia nears
- Qatar: Thursday, August 16 - 2012 at 16:13
The Qatar Exchange 20 Index in Doha gained 0.78% to hit 8,486.96 points Thursday. The Gulf state's largest telco provider Qatar Telecom or Qtel jumped 3.32% to close at QR108.90. Earlier in the day, Qtel said it has received the approval from the Kuwait Capital Markets Authority of its offer document dated August 2012 enabling it to proceed with a mandatory tender offer, pursuant to Article 271 of the Executive Regulations to Law No. 7 of 2010 Establishing The Capital Markets Authorities And Regulating The Securities Activities, to acquire all the issued shares of National Mobile Telecommunications Company, known as Wataniya, not currently owned by Qtel or any of its wholly owned subsidiaries, at KD2.600 a share. An offer document has been sent to Wataniya Telecom to allow its Board to review the Offer and provide a recommendation to shareholders as required by the Capital Markets Law and its Executive Regulation. In 2007, Qatar Telecom took 51% in Wataniya. On June 26 2012, Qtel, owned by the State of Qatar, submitted a bid to acquire the remaining share for $1.9bn.
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