Wataniya sale under study
Key shareholders in the local Wataniya Telecom have formed a consortium to consider offers for a sale of their majority stake in the telco.
According to Kuwait Projects Company (Kipco), which holds a 25 per cent stake in Wataniya, the consortium was formed after several potential purchasers expressed an interest in buying Kipco's shareholding in Wataniya.
However, Kipco recently denied speculation that it intended to sell its Wataniya stake, and it is unclear whether the appearance of potential buyers came before or after market rumours on the sale (MEED 9:2:07).
Prospective buyers include Egypt's Orascom Telecom, Saudi Arabia's Oger Telecom and Qatar Telecom. However, competition rules in many of Wataniya's concessions mean that it may be difficult for telcos to take control of a mobile operator in countries where they are already operating themselves.
Wataniya has mobile operations in Kuwait, Algeria, Iraq, the Maldives and Tunisia.
It recently posted 2006 net profit of KD 73.2 million ($251.8 million), representing a year-on-year increase of 39 per cent.
Key shareholders in the local Wataniya Telecom have formed a consortium to consider offers for a sale of their majority stake in the telco.
According to Kuwait Projects Company (Kipco), which holds a 25 per cent stake in Wataniya, the consortium was formed after several potential purchasers expressed an interest in buying Kipco's shareholding in Wataniya. However, Kipco recently denied speculation that it intended to sell its Wataniya stake, and it is unclear whether the appearance of potential buyers came before or after market rumours on the sale (MEED 9:2:07). Prospective buyers include Egypt's Orascom Telecom, Saudi Arabia's Oger Telecom and Qatar Telecom. However, competition rules in many of Wataniya's concessions mean that it may be difficult for telcos to take control of a mobile operator in countries where they are already operating themselves. Wataniya has mobile operations in Kuwait, Algeria, Iraq, the Maldives and Tunisia. It recently posted 2006 net profit of KD 73.2 million ($251.8 million), representing a year-on-year increase of 39 per cent.This content is only available to full MEED package subscribers (MEED magazine and MEED.com).
If you are already a subscriber to the MEED package and have activated your online subscription, sign in
If you are already a subscriber to the MEED package but have not activated your online subscription, please activate here
If you would like to subscribe to the full MEED package and get access to the whole of the website, please subscribe here
If you are a MEED magazine only subscriber and would like full access to MEED.com, please contact Customer Services who will upgrade your subscription.
