Qtel increases stake in Wataniya Telecom Kuwait to 92.1% as mandatory tender offer concludes

Qtel originally made the offer to all other shareholders of Wataniya Telecom Kuwait on 4 September 2012. As a result of the tender offer, Qtel will be increasing its shareholding in Wataniya Telecom Kuwait from 52.5% to 92.1%.

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."