Qtel increases stake in Wataniya Telecom Kuwait to 92.1% as mandatory tender offer concludes
- Qatar: Sunday, October 07 - 2012 at 10:38
- PRESS RELEASE
Qatar Telecom (Qtel) Q.S.C. (Qtel or Qtel Group) is pleased to announce that as of the closing of the tender offer period on 4 October 2012, Qtel will be acquiring 199,649,694 shares of National Mobile Telecommunications Company K.S.C. (Wataniya Telecom Kuwait, representing 39.61% of the total shares in issue for a total consideration of KD519.1m ($1.8bn) at a price of KD2.600 per share.
Wataniya Telecom Kuwait's shareholders who have tendered their shares will receive payment within approximately three weeks, subject to approval by the Kuwait Capital Markets Authority ("CMA") and the Kuwait Stock Exchange ("KSE") under Article 271 of the Executive Regulations to Law No. 7 of 2010 Establishing the Capital Markets Authority and Regulating the Securities Activities in Kuwait (the "Executive Regulations").
His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of the Qtel Group said: "We are delighted with the level of acceptances received from Wataniya Telecom Kuwait's shareholders. This demonstrates that our offer was attractive and gave the opportunity for shareholders to capitalise on their investment in Wataniya Telecom Kuwait at a fair price and at an appropriate stage in the company's investment cycle. We have consulted with the Algerian authorities regarding this transaction and we have received their kind permission to proceed, for which we are grateful. We also respect the decision of those Wataniya Telecom Kuwait 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."
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.