National Mobile Telecom Rises to 3-Month High After Qtel Offer

National Mobile Telecommunications Co. (NMTC), also known as Wataniya, rallied to the highest level since May after Qatar Telecom QSC offered $2.2 billion for the remaining stake in the company.

The shares, which were suspended from trading since the offer was announced, gained 4.6 percent to 2,300 fils, the highest since May 17, at the close in Kuwait.

Qatar Telecom, majority owned by the gas-rich country’s government, will pay 2.6 dinars ($9.2) each for the 239.4 million shares it doesn’t own, it said in a statement Aug. 16.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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