Ooredoo Kuwait to purchase 99% of FASTtelco’s shares

Press release
Published March 31st, 2016 - 02:44 GMT
Ooredoo
Ooredoo

Ooredoo Kuwait (National Mobile Telecommunications Co. K.S.C) has entered into an agreement to purchase 99% of Internet Service Provider FASTtelco’s shares for a total consideration of KD 11 million. The transaction is subject to the approval from the relevant regulatory and governmental authorities.

This transaction is an important step for both Ooredoo and FASTtelco as well as for the industry. It shows Ooredoo’s strong commitment to deliver best in class services and enhance people’s lives. It will allow both companies to offer full scope of fixed broadband and mobile services and open the doors to new revenue opportunities. Following this transaction, Ooredoo and FASTtelco will continue to co-exist as separate entities in the foreseeable future.  

Ooredoo CEO Sheikh Mohammed bin Abdullah Al Thani said:

"This is a major milestone for Ooredoo showing strong commitment to enhance people’s lives. All stakeholders will benefit from this complimentary transaction, especially our business and residential customers, who will have access to the full scope of our advanced mobile and fixed broadband services. We will invest to provide the best end-to-end customer experience across both companies and boost both Ooredoo's and FASTtelco’s growth profiles."

FASTtelco CEO Talal Jassim Al-Bahar said:

"This transaction is a testament to the outstanding employees that we have at FASTtelco, the strength of the business we have created and the advanced solutions and capabilities we have offered to the market. Going forward, we see Ooredoo as the best partner for FASTtelco and therefore are excited about the potential this transaction unlocks for both companies and their employees in the years to come."

FOR FURTHER INFORMATION PLEASE CONTACT XXX PRESS OFFICE ON XXX

Background Information

Ooredoo

We are on a mission to empower customers across our global footprint to access and enjoy the best of the Internet in a way that is personal and unique to them.

We continue to invest in our networks to ensure seamless connectivity that caters to our customers’ growing digital needs.

We are working as a real digital enabler across our markets and our aspiration is to help people simplify their lives and enjoy exciting and rewarding digital experiences.

PR Contact

Contact Name
Sara Al Rashidy
Contact email

PR Rates

Buy credits to publish your articles on Al Bawaba Biz here

You May Also Like

Subscribe

Sign up to our newsletter for exclusive updates and enhanced content