Kuwaiti telecom firm acquires mobile retailer for $5.6 million

Wataniya Telecom, the public telecommunication company in Kuwait, announced acquisition of 99% stake in Al Bahar United Co, aka Fono branded shops, a mobile retailer in Kuwait.

The announcement doesn’t mention the purchase price, but based on regulatory filing reviewed by DubaiBeat.com, it seems to be around $5.6 million.

(Wataniya Telecom is profitable with a consolidated net profit of $254 million for the year to October 08.)