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Qtel Raises its Stake in Tunisia Based Tunisiana

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Qatar Telecom has bought a further 15% stake in the Tunisia based mobile network, Tunisiana for a total consideration of USD360 million. They bought the stake from the Tunisian Government.

Wataniya, a 92.1% subsidiary of Qtel already, has a direct holding of 75% in Tunisiana. Following completion of the transaction, Qtel and its' subsidiaries total holding in Tunisiana will increase to 90%. The Tunisian Government will retain a 10% holding in Tunisiana with a view to a public offering in the future.

H.E. Sheikh Abdullah bin Mohamed bin Saud al-Thani, Chairman of Qtel Group, said: "We are pleased to have been offered the opportunity to further increase our shareholding in Tunisiana, an outstanding company which we believe will continue to deliver long term value for our shareholders. We also look forward to continuing our partnership with the Tunisian authorities as Tunisiana enters into a new phase of its development with the continuing expansion of 3G services and the launch of fixed line services in 2013."

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Tags: tunisiana  Tunisia