Qatar's first telecom operator with multi-national operations Ooredoo has said that its subsidiary Ooredoo Kuwait acquired 100 per cent stake in FASTtelco, one of Kuwait's leading telecommunications company.
A Qatar Stock Exchange notification today said, " Ooredoo Kuwait has acquired 100 per cent of FASTtelco shares in for Kuwaiti Dinars 11 Million.
FASTtelco is a Kuwaiti limited liability company that operates as an Internet Service Provider. The takeover is subject to regulators approvals the report said.
Ooredoo Kuwait recently signed a Memorandum of Understanding with Kuwait Clearing Company (KCC) to facilitate transfer of cash dividends, effective next October, to its shareholders.
Ooredoo started operations in Kuwait in December 1999 when it launched wireless services as the second operator. The company today provides mobile, broadband internet and corporate managed services.