Ooredoo Q.S.C. (Ticker: ORDS.QA) today announced that Saudi Telecom Company (“STC”)
shall acquire full ownership of Public Telecommunication Company Limited (“Bravo”).  Bravo is a wholly owned subsidiary of the Wataniya Group (Ticker: NMTC) that has been operating a “Push-to-Talk” mobile service in the Kingdom of Saudi Arabia commercially since 2005.

In 2005, Bravo entered into a Build Operate Transfer (“BOT”) agreement with STC for 15 years to provide wireless communication services using iDEN technology.

Ooredoo and Wataniya Group are focusing on core businesses, based on global technology
standards.  Consequently, Bravo and its specialised technology standard is no longer core to Ooredoo Group’s strategy.

In the final settlement of Bravo’s obligations towards STC, it has been agreed that Bravo will
make a settlement payment for STC dues, and Wataniya will transfer all the shares of Bravo and its assets to STC.

All parties are proceeding with finalising the transaction and fulfilling the necessary regulatory approvals.

 

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About Ooredoo

Ooredoo, formerly known as Qtel Group, is a leading international communications company delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses across markets in the Middle East, North Africa and South-East Asia. As a community-focused company, Ooredoo is guided by its vision of enriching people’s lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential. Ooredoo has a presence in markets such as Qatar, Kuwait, Oman, Algeria, Tunisia, Iraq, Palestine, the Maldives and Indonesia. The company reported revenues of $9.3 billion U.S. dollars and had a consolidated global customer base of more than 92 million people in 2012. Ooredoo’s shares are listed on the Qatar Exchange and the Abu Dhabi Securities Exchange.

 

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