By: Eman Ghaly
Mubasher: Vodafone Qatar’s stock topped the Qatar Stock Exchange’s (QSE) trade on Tuesday on the back of the company’s deal of acquiring a 51% stake of Vodafone Europe.
By 12:10 am Qatar time, Vodafone Qatar’s stock soared 8.70% to QAR 8.
Vodafone Qatar’s stock led the bourse in terms of liquidity with QAR 24.3 million after 3.1 million shares changed hands through 569 transactions.
The telecom company's structural adjustment and the takeover deal have boosted its stock during the mid-week session, said General Manager of Namaa Consultancy Taha Abdel Ghani.
He added that the stock’s hike will stop over the coming period in line with the beginning of putting the company’s restructure plan concerning license extension and capital reduction into effect.
After the deal, Qatar Foundation will own 50% of the share capital of Vodafone Qatar, up from 27.05%.
Vodafone Qatar reported a 31% year-on-year drop in losses during the first nine months of 2017, registering QAR 182.2 million ($50.52 million), according to the company’s statement on Tuesday.
Translated by: Kholoud Mohamed Hussein
