Doha, Qatar, [30 January 2014]: Ooredoo Q.S.C. (Ticker: ORDS.QA) (“Ooredoo”) today announced that further to its market announcement of 31 October 2013 Saudi Telecom Company (“STC”) and an affiliate have  acquired full ownership of Public Telecommunication Company Limited (“Bravo”).  Bravo was a wholly owned subsidiary of the Wataniya Group (Ticker: NMTC), a
subsidiary of Ooredoo, that has operated a “Push-to-Talk” mobile service in the Kingdom of Saudi Arabia commercially since 2005.

 

Ooredoo and Wataniya Group are focusing on core businesses, based on global technology standards.  

Consequently, Bravo and its specialised “Push to Talk” technology standard were no longer core to Ooredoo’s strategy.

Bravo has made a settlement payment for all outstanding STC dues, and Wataniya has transferred all Bravo shares and assets to the STC
group. The transaction has received all necessary regulatory approvals.

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Aboutm 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.