Qtel to acquire further 15% stake in Tunisiana
03 January 2013 | Kavit Majithia
Qatar Telecom (Qtel) has reached an agreement to acquire a further 15% stake in Tunisiana for $360 million.
National Mobile Telecommunications Company, a 92.1% subsidiary of Qtel, has a direct holding of 75% in the Tunisian company.
The remaining 10% stake in the company will be retained by Tunisiana, with the view of an IPO in the future.
Qtel said the agreement underlines a strong bond that exists between both Qatar and Tunisia, with continuing evolving opportunities for joint investment and development.
“We are pleased to have been offered the opportunity to increase our shareholding in Tunisiana,” said Sheikh Abdullah bin Mohammed bin Saud al-Thani, chairman of Qtel. “We are convinced that these new services will enhance the experience of Tunisiana’s customers and will contribute to growth in Tunisia’s economy.”
Qtel’s chairman outlined plans to continue the expansion of 3G services and the launch of fixed-line network in Tunisia in 2013.