KUWAIT, Oct 18 (KUNA) -- The National Mobile Telecommunications Company (Ooredoo Kuwait) has finalized procedures for purchasing 99 percent of internet service provider FASTtelco's shares, for KD 11 million (about USD 36.24 million), Ooredoo said on Tuesday.
Ooredoo added in a press release that it had obtained approval for the deal from the concerned monitoring government bodies, noting that the two firms would remain separate entities.
The deal is a significant step for both companies that will work harder to offer the best in-class services and products for customers in the Kuwaiti market.
Ooredoo Kuwait's operations began in December 1999 as Wataniya Telecom when it launched wireless services, mobile and internet.
FASTtelco was founded in 2002 with a capital of KD 10 million, as the first local company for offer communication services, and the internet. (end) ht.asa.msa