Qtel increases stake in Wataniya Telecom to 92.1%
The Qatari telecom group Qtel has announced that it has increased its shares in Wataniya Telecom Kuwait from 52.5% to 92.1%.In March 2007, Qtel became the largest shareholder of Wataniya Telecom with 52.5%, which enables it to hold 71% of the shares of Nedjma, the Algerian subsidiary of Wataniya group.
Source : https://www.marocafrik.com/english/Qtel-increases-...
Thus, Nedjma will come under complete control of the Qatari group, which intends to strengthen its presence in Maghreb countries,the Algerian daily El Moudjahid reports.
Algeria, through Finance Minister Karim Djoudi said early in September that it will exercise its right of pre-emption over Nedjma if Qtel acquires all the shares of Wataniya.Last Thursday, Djoudi told the National Radio that "it’s up to the State to decide whether or not to exercise the right of pre-emption."
Algeria has a 51/49 % ownership rule that companies must have a majority Algerian partner. Orascom Telecom encountered difficulties with the Algerian government of a proposed sale of the operator Djezzy to Vimpelcom
in May this year.
Algeria, through Finance Minister Karim Djoudi said early in September that it will exercise its right of pre-emption over Nedjma if Qtel acquires all the shares of Wataniya.Last Thursday, Djoudi told the National Radio that "it’s up to the State to decide whether or not to exercise the right of pre-emption."
Algeria has a 51/49 % ownership rule that companies must have a majority Algerian partner. Orascom Telecom encountered difficulties with the Algerian government of a proposed sale of the operator Djezzy to Vimpelcom
in May this year.
Source : https://www.marocafrik.com/english/Qtel-increases-...