Qatar Telecom QSC, the Middle East’s second-biggest telecommunications company by revenue, said boosting its stake in National Mobile Telecommunications Co. will be “slightly positive” for its credit rating, even after Moody’s Investors Service signaled the move could lead to a downgrade.
Qatar Telecom QSC rallied the most in more than three months after it offered $2.2 billion for the remainder of Kuwait’s National Mobile Telecommunications Co. as the company steps up acquisitions amid competition at home.
National Mobile Telecommunications Co., known as Wataniya, and Gulf Cable & Electrical Industries Co. were removed from the Kuwait 15 index, which comprises the 15 biggest companies on the Kuwait Stock Exchange by market value and liquidity.
Qatar Telecom QSC , the country’s largest company, and Princesse Holding of Tunisia agreed to buy Orascom Telecom Holding’s 50 percent stake in Tunisiana for $1.2 billion, enabling the Egyptian company to cut debt.
Wataniya Telecom Algerie, Algeria’s third-biggest mobile-phone company known as Nedjma, will bid for the North African country’s 3G license at a tender planned for early 2012, Chief Executive Officer Joseph Ged said.