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Wataniya set to pay down dollar loans |
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Tuesday, 08 November 2011 01:56 |
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Kuwait: Scott Gegenheimer, the chief executive of Wataniya has said the Kuwait telecoms firm will pay down dollar loans taken to raise its stake in mobile carrier Tunisiana after this borrowing led to foreign exchange losses in the third quarter, Reuters has reported. Wataniya, majority-owned by Qtel, in January raised its stake in the Tunisian firm to 75% from 50%, joining a consortium to buy out former partner's Orascom Telecom 50% stake for $1.2bn. Wataniya's third-quarter net profit fell
13.5% to KD15.5m from a year earlier, a drop the company blamed on foreign exchange losses. [AMEInfo.com] Read more:
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