Wataniya Eyeing Further Acquisitions

Kuwaiti telco, Wataniya expects to to announce an acquisition shortly and is considering others as its main shareholder, Qatar Telecom (Qtel) seeks growth outside its home market. Qtel paid US$3.7 billion for a 51% stake in Wataniya in March 2007, and later increased that to 52.5%. The company will be listed on the Doha Securities Market later this year.

"We are always planning acquisitions, the question is whether we can close them or not," Gegenheimer told Bloomberg News in an interview. The company also predicts profit will be "a little better" in the second quarter compared with the first, he said. "This year is a very good year when it comes to revenue, we'll be ahead of last year's."

He added that the company sees North Africa as a "very interesting market" and is confident the company can raise funds for any acquisitions in that area. "We have a lot of cash on our balance sheet," he said. "We are always in talks to discuss other opportunities."

North African operator, Medi Telecom is currently being put up for sale by its two dominant shareholders.

On the web: Bloomberg News

Posted to the site on 6th July 2009