Qatar Telecom, Princess Holding to buy 50% Tunisiana stake
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Mon November 22, 2010 12:49 pm

QATAR. Qatar Telecom and Princesse Holding of Tunisia will buy 50% of Telecom Tunisie for US$1.2 billion from Orascom Telecom Holding as the Egyptian company sells assets.

Qatar Telecom’s unit Wataniya Telecom signed an agreement with a group led by Princesse Holding, a diversified holding company based Tunis, to purchase the stake, Qatar Telecom said in an e-mailed statement today. Wataniya already holds 50% of Tunisiana.

“Wataniya will finance its portion of the transaction with a mixture of existing cash and debt, and now will control the board and management of Tunisiana,” according to the statement. Tunisiana had more than 5.7 million subscribers at the end of September, it said.

Orascom Telecom’s parent company, Weather Investments SpA, agreed on October 4 to a merger with Russia’s VimpelCom Ltd. in a transaction valued at about US$6.5 billion. The boards of both companies will meet by the end of this month to complete the agreement.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. "I believe that in the wake of the Gaza war and the basis on which the ceasefire was established, a new momentum for peace negotiations might have been created."
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QATAR. Price increases may suggest a potential overheating of the real estate sector. Closer analysis, however, indicates that the increase is still within the fundamentals of Qatar's fast growing economy and rapid population growth.
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KUEAIT. There is plenty of potential in the Kuwaiti market, should investor interest remain and the government carries out its proposed spending plans. The government's 2014/15 budget is expansionary, with expenditure growth of 3.2% to US$77.3 billion.
QATAR. Price increases may suggest a potential overheating of the real estate sector. Closer analysis, however, indicates that the increase is still within the fundamentals of Qatar's fast growing economy and rapid population growth.
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