Wataniya Telecom board recommends Qtel’s offer

Qatar Telecom  (Qtel) is pleased to announce that the Board of National Mobile Telecommunications Company (“Wataniya Telecom”) has decided that the offer made by Qtel for the acquisition of all Wataniya Telecom shares not currently owned by Qtel, at KWD 2.600 per share, is appropriate to shareholders interested in accepting the offer and selling their Wataniya Telecom shares.

The Board based its decision on the report of the independent Investment Advisor (Protiviti – member of Protiviti Inc., a global consulting firm), which concluded that the offer was fair and appropriate. Wataniya Telecom’s management has endorsed the findings of the report, a press release issued on its website on Thursday said.

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Qtel received approval of the Offer Document from the Kuwait Capital Markets Authority on 15 August 2012. The Offer Document and other related documents are available for review on the websites of Wataniya Telecom at www.wataniya.com and Qtel at www.qtel.qa until the end of the offer period, which will start on 4 September 2012 and conclude on 4 October 2012.

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